26 Jan 2026

Good morning. Foreign exchange markets are again facing treacherous conditions as a blizzard of macroeconomic and geopolitical risks hits the headlines. After a weekend filled with shocks—including an actual snowstorm—the dollar is succumbing to broad-based selling pressure as policy uncertainty spikes, equity futures are pointing to renewed losses at the open, and precious metals are going parabolic as investors pile into alternative currencies and asset classes. Trading desks are on intervention watch after the New York Federal Reserve reportedly conducted “rate checks” for the Treasury on Friday, fuelling speculation of coordinated action between Tokyo and Washington. We’re seeing no evidence...