Here is what you need to know on Monday, January 26

Rabobank analysts discusses the current state of Gold and Silver, noting that Gold is now trading well above $5000/oz and Silver above $100/oz. The report highlights a shift from financial assets to material assets, with a growing narrative of 'sell America' and de-Dollarisation.

The EUR/GBP cross gains traction to near 0.8680, snapping the three-day losing streak during the early European session on Monday. Nonetheless, the upside for the cross might be limited as the Euro (EUR) faces a more mixed economic backdrop.

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The USD/INR pair ended Friday’s session with 0.1% gains at 91.87. On the same day, the pair posted a fresh all-time high at 92.21 amid weakness in the Indian Rupee (INR) due to the continuous outflow of foreign funds from the Indian stock market.

The EUR/USD exchange rate is nearing the 1.19 mark, driven by a depreciation of the Dollar. Analysts caution that unpredictable US policies could lead to a tipping point, resulting in a significant and sustained depreciation of the Dollar.

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HSBC publishes daily commentary on major currency pairs, focusing on macro drivers, positioning, and market sentiment. The following quotes capture key observations and outlooks from its latest FX insights, offering a snapshot of how current dynamics are shaping currency markets.

Japan Prime Minister Sanae Takaichi said on Monday that she hopes to achieve a two-year suspension of the 8% tax on food at the earliest date possible and submit relevant legislation in the fiscal 2026 diet.

Cardano (ADA) price hovers around $0.34 at the time of writing on Monday, after three consecutive weeks of correction since early January. The falling Open Interest (OI) further supports the ongoing correction signaling waning investor participation.

Japan Chief Cabinet Secretary Seiji Kihara said on Monday that he will take appropriate action on foreign exchange according to the Japan-US joint statement. However, he declined to comment regarding reported rate checks.

USD/CAD extends its losing streak for the sixth successive session, trading around 1.3680 during the Asian hours on Monday. The technical analysis of the daily chart shows the pair declines within a newly formed descending channel pattern, suggesting a persistent bearish bias.

The crypto market lost about $100 billion amid fears of a US government shutdown.

Solana (SOL) is up 4% at press time on Monday after a 6% decline on Sunday, but remains under pressure from the 14% loss last week.

The GBP/JPY pair slides almost 1% to near 210.40 at the start of the week.

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The GBP/USD pair trades in positive territory near 1.3660, the highest since September 17, 2025, during the early European session on Monday. The Pound Sterling (GBP) edges higher against the Greenback on the stronger-than-expected UK Retail Sales and Purchasing Managers Index (PMI) data.

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Solana failed to settle above $132 and extended losses. SOL price is now consolidating losses below $130 and might struggle to start a recovery wave. SOL price started a fresh decline below $132 and

Japan Leading Economic Index registered at 109.9, below expectations (110.5) in November

Japan Coincident Index declined to 114.9 in November from previous 115.2

Singapore Industrial Production (YoY) came in at 8.3% below forecasts (10.1%) in December

Singapore Industrial Production (MoM) came in at -13.3%, above forecasts (-15.2%) in December

Gold (XAU/USD) builds on last week's blowout rally and gains strong follow-through positive traction for the sixth straight day, scaling a new all-time peak during the Asian session on Monday.

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USD/CHF rises after opening at a gap down, trading around 0.7770 during the Asian hours on Monday.

The EUR/USD pair is up 0.36% to near 1.1900 during the Asian trading session on Monday. The major currency pair strengthens as the US Dollar (USD) extends last week’s decline amid caution ahead of the Federal Reserve's (Fed) monetary policy announcement on Wednesday.