Rates Spark: FX and rates doing their own thing | Metals Mine

  • Rates Spark: FX and rates doing their own thing

    From think.ing.com

    The curve edged higher on the smidgen of reduced negative commentary from the FOMC statement, and the commentary from Chair Powell subsequently copper-fastened the market notion that rate cuts are off the agenda, at least for now. This week, the 10yr yield edged up from the 4.2% area on Monday to 4.25% post the FOMC (and is higher today, pre and post the FOMC). It’s been quite the week for dollar products, given the FX intervention talk out of Japan, and then the dollar weakness push from President Trump. Add that vulnerability to a Fed that’s standing pat on less macro negatives, likely facilitates an upside ... (full story)

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ZforexCM
Jan 29, 2026 2:16am
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EUR/USD rose toward 1.1980 after the Fed held rates at 3.5%–3.75%, with attention shifting to Trump’s expected nomination of a new Fed chair. The yen stayed firm on a weaker dollar and a hawkish BoJ but faced domestic uncertainty ahead of Prime Minister Takaichi’s spending plans and the February 8 snap election. GBP/USD touched a multi-year high near 1.3850, though momentum appears stretched.

Gold jumped to a record $5,500 as the dollar hit four-year lows and safe-haven demand intensified amid U.S.–Iran tensions, lifting year-to-date gains to nearly 18%. Silver surged above $117, extending gains beyond 60% this year on strong inflows driven by currency risk and global trade uncertainty.
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