Currency news / January 13, 2026

US inflation in focus

3 min read Thanim Islam

Thanim IslamJanuary 13, 2026

Market snapshot:

Fed’s concerns and Japanese politics driving markets

Yesterday's currency recap

FX moves were driven by broad USD weakness, as concerns around US institutions and Fed independence dented confidence and pushed markets into a defensive footing. The USD sold off against most peers, while safe havens outperformed, with gold rallying, and CHF and EUR relatively supported vs USD.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	0.01%	2.0046
GBPCAD	0.14%	1.8677
GBPCHF	-0.05%	1.0734
GBPDKK	0.13%	8.6187
GBPEUR	0.13%	1.1534
GBPJPY	0.60%	212.875
GBPNOK	0.13%	13.5509
GBPNZD	-0.10%	2.3356
GBPSEK	0.10%	12.3581
GBPUSD	0.40%	1.346

*Daily move - against G10 rates as of 06:00 GMT, 13.01.26
** Indicative rates - interbank rates as of 06:00 GMT, 13.01.26

Key data points

Currency	Event	Period	Consensus	Previous
USD	CPI MoM	Dec	0.30%
USD	CPI YoY	Dec	2.70%	2.70%
USD	Core CPI YoY	Dec	2.70%	2.60%

What we think

Following speculation of a snap election being called in Japan, JPY is weaker this morning.

US CPI is expected to firm in December, with headline and core seen rising around 0.4% MoM, pushing YoY inflation back toward 2.8%. The pickup is largely technical, reflecting earlier data distortions rather than renewed inflation pressure. Unless core meaningfully overshoots, CPI is unlikely to shift the Fed narrative, though a hot headline could briefly support the USD and lift yields.

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