Market Commentary: Monday 26th January

The U.S. dollar fell broadly amid speculation of potential U.S. involvement in Japan’s FX intervention. Volatility picked up after Japan’s top currency chief, Vice Minister of Finance Atsushi Mimura, said authorities in Tokyo would respond in close coordination with their counterparts in Washington.
The DXY fell to its lowest level since September. The JPY strengthened 1.2% against the USD and is currently trading at 154.05. Japanese stocks fell, with the Nikkei 225 down as much as 2.2%.

Gold rose above $5,000 for the first time, driven by a combination of haven demand and dollar weakness, and is currently trading at $5,093.73/oz. Silver followed suit, jumping more than 6% to fresh all-time highs and trading at $108.01/oz.

In the UK, Keir Starmer’s allies within the Labour Party blocked Greater Manchester Mayor Andy Burnham from contesting a seat in Parliament. This decision may provide an opportunity for other rivals, including Wes Streeting and Angela Rayner, to challenge Starmer’s leadership.

On the data front, we have a busy week ahead: the Bank of Canada and the U.S. Federal Reserve rate decisions are both scheduled for Wednesday, followed by U.S. initial jobless claims on Thursday and U.S. PPI data on Friday.

• Bitcoin rose 1.6% to $87,842.53
• Ether rose 2.4% to $2,883.53

**For professional investors only** Any opinions, news, research, analyses, prices, or other information contained in this blog is provided as general market commentary and does not constitute (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. Some of this information may have been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is made or given by or on behalf of iSAM Securities or its directors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this blog, and no responsibility or liability is accepted for any such information. As a result, any person acting on any information does so entirely at their own risk. iSAM Securities will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.