Currency news / January 30, 2026

Warsh the frontrunner for Fed Chair

3 min read Thanim Islam

Thanim IslamJanuary 30, 2026

Market snapshot:

Trump set to announce his pick today

Yesterday's currency recap

USD rebounded modestly as a sharp selloff in precious metals and broader commodity weakness dragged on FX, with AUD and NZD leading G10 losses. The moves were exacerbated by month-end flows and position unwinds after the recent USD selloff went too far.

Elsewhere, EUR and GBP edged lower, while USDJPY slipped slightly, leaving the broader move looking more like a corrective bounce in the greenback than a shift in trend.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	0.18%	1.9658
GBPCAD	-0.40%	1.8649
GBPCHF	-0.23%	1.0585
GBPDKK	-0.02%	8.6234
GBPEUR	-0.02%	1.1548
GBPJPY	-0.42%	210.954
GBPNOK	-0.52%	13.1872
GBPNZD	-0.01%	2.2776
GBPSEK	-0.20%	12.1841
GBPUSD	-0.10%	1.3799

*Daily move - against G10 rates as of 17:00 GMT, 29.01.26
** Indicative rates - interbank rates as of 17:00 GMT, 29.01.26

Key data points

Currency	Event	Period	Consensus	Previous
EUR	GDP QoQ	Q4	0.20%	0.30%
EUR	GDP YoY	Q4	1.30%	1.40%
EUR	German CPI MoM	Jan	0.00%	0.00%
EUR	German CPI YoY	Jan	1.90%	1.80%
USD	PPI MoM	Dec	0.20%	0.20%
USD	PPI YoY	Dec	2.80%	3.00%

What we think

USD remains supported this morning as markets priced a rising probability that former Fed Governor Kevin Warsh will be nominated as the next Fed Chair. Kevin Warsh’s hawkish track record pushed treasury yields and USD higher.

Eurozone data is expected to show a mild slowdown in momentum, with Q4 GDP seen easing to 1.3% YoY, while German inflation is forecast to remain subdued, flat on the month and only slightly higher at 1.9% YoY.

In the US, producer price inflation is expected to stay contained, with PPI unchanged at 0.2% MoM and easing to 2.8% YoY, reinforcing the view that upstream price pressures continue to cool gradually.

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