Market Commentary: Wednesday 28th January

Overnight, U.S. President Donald Trump said he is not concerned about the dollar selloff. The dollar index (DXY) slid to its lowest level since February 2022. Spot gold surged 1.3% to record highs, fuelled by a combination of dollar weakness and a flight from Treasuries and currencies. Spot gold is currently trading at $5,283.40/oz.

Equities are on track for their longest winning streak in a month, with tech leading the charge. Asian stocks hit fresh all-time highs, U.S. futures point higher after the S&P 500 closed at a record, and Nasdaq futures jumped on optimism around AI investment, reinforced by SoftBank’s potential $30bn OpenAI stake and strong results from ASML.

On the economic calendar today, we have the Bank of Canada’s rate decision at 2:45 pm, followed by the FOMC rate decision at 7:00 pm. The Fed is widely expected to keep interest rates on hold, with two rate cuts priced in before the end of the year. This will also be Fed Chair Jerome Powell’s first time speaking since his statement on the Department of Justice subpoena earlier in the month.

• Bitcoin rose 0.2% to $89,175.09

• Ether fell 0.1% to $3,008.32

• S&P 500 futures rose 0.4%

• Nasdaq 100 futures rose 0.9%

• The MSCI Asia Pacific Index rose 1.0%

• Hong Kong’s Hang Seng rose 2.4%

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