USD fell for a third straight day as trade tensions, US political risks and coordinated FX intervention talks weighed on the currency. JPY led G10 gains after Japanese officials signalled readiness to curb excessive moves, pushing USDJPY sharply lower.
EUR and GBP extended gains, while CAD and CHF also strengthened, with USDCHF hitting fresh multi-year lows.
*Daily move - against G10 rates as of 17:00 GMT, 26.01.26
** Indicative rates - interbank rates as of 17:00 GMT, 26.01.26
USD has steadied after Monday’s sharp losses, trading in a tight range as markets look ahead to major US earnings and this week’s Fed decision. The greenback remains pressured by yen-intervention speculation, trade tensions with Canada and geopolitical concerns. Focus now turns to US consumer confidence and ADP jobs data, followed by tomorrow evening's Fed meeting expected to mark a pause in rate cuts. Big-tech earnings (Meta, Apple, Tesla, Microsoft) are also key, with any signs of US equity underperformance likely to reinforce the broader “sell America” narrative and keep USD on the defensive.
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