Forex Today: Major currency pairs remain quiet to start the big central bank week

Source Fxstreet

Here is what you need to know on Monday, January 29:

The action in financial markets remain subdued early Monday as investors prepare for this week's key central bank meetings and macroeconomic events. The European economic docket will not feature any high-tier data releases. Later in the day, the Federal Reserve Bank of Dallas will release the Texas Manufacturing Business Index for January.

The US Dollar Index (DXY) registered small gains in the previous week, supported by upbeat data releases. The index holds steady at around 103.50 in the European morning on Monday, while the benchmark 10-year US Treasury bond yield continues to fluctuate in a tight channel above 4%. In the meantime, geopolitical tensions remain high at the beginning of the week, following news of a drone strike on a US base near Jordan's border with Syria killing three and injuring more than 20 troops. Reflecting the cautious mood, US stock index futures trade modestly lower on the day. On Wednesday, the Federal Reserve will announce monetary policy decisions following the first meeting of the year.

US Dollar price today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Euro.

  USD EUR GBP CAD AUD JPY NZD CHF
USD   -0.02% -0.08% -0.07% -0.22% -0.17% -0.14% -0.10%
EUR 0.03%   -0.04% -0.03% -0.18% -0.11% -0.10% -0.07%
GBP 0.08% 0.06%   0.01% -0.15% -0.05% -0.06% 0.00%
CAD 0.07% 0.04% -0.02%   -0.14% -0.08% -0.06% -0.02%
AUD 0.22% 0.20% 0.14% 0.16%   0.09% 0.09% 0.14%
JPY 0.16% 0.12% 0.21% 0.07% -0.07%   0.00% 0.05%
NZD 0.14% 0.13% 0.06% 0.07% -0.09% -0.01%   0.06%
CHF 0.11% 0.06% 0.00% 0.02% -0.14% -0.05% -0.05%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

 

EUR/USD seems to have gone into a consolidation phase at around 1.0850 after closing the second consecutive week in negative territory. On Tuesday, Eurostat will release the Euro area's preliminary Gross Domestic Product (GDP) growth for the fourth quarter.

GBP/USD ended the previous week virtually unchanged and extended its sideways grind at around 1.2700 early Monday. UK inflation expectations for the twelve months ahead fell from 4.2% in October to 3.9% and 3.5% in November and December, respectively, a survey conducted by US bank Citi and polling firm YouGov showed on Monday. The Bank of England will announce policy decisions on Thursday.

Following the previous week's indecisive action, USD/JPY trades marginally lower on the day slightly below 148.00 on Monday. In the Asian session on Tuesday, December Unemployment Rate data from Japan will be looked upon for fresh impetus.

Gold registered small losses last week but managed to regain its traction early Monday. At the time of press, XAU/USD was up 0.5% on the day at $2,028.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
The Fed will sit still on October 28 — but 100 of 100 economists now expect a December hikeA Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.
Author  Irene Q.
Oct 22, Thu
A Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.
placeholder
Gold Price Analysis Today | Forex Gold Analysis | XAU/USD Analysis - October 26, 2026Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for October 26, 2026. Read on for the details.
Author  Mitrade
Oct 26, Mon
Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for October 26, 2026. Read on for the details.
placeholder
Big Tech's $800 billion AI bill faces its first real test — free cash flow is the judgeAlphabet and Microsoft report after the close on October 28, Amazon on October 29, with hyperscaler AI capex running near $800 billion a year. Meta's negative free cash flow and 9.40% drop on October 22 was the warning; this week's prints decide whether cloud growth and backlog can pay for the buildout. Here are the consensus numbers, the free-cash-flow table and the two-sided test.
Author  Irene Q.
Oct 26, Mon
Alphabet and Microsoft report after the close on October 28, Amazon on October 29, with hyperscaler AI capex running near $800 billion a year. Meta's negative free cash flow and 9.40% drop on October 22 was the warning; this week's prints decide whether cloud growth and backlog can pay for the buildout. Here are the consensus numbers, the free-cash-flow table and the two-sided test.
placeholder
Tesla jumps 5% as Barclays puts a $450 target on the SpaceX merger — the chart was already pointing to 431Tesla closed at $391.62 on October 26, up 5.21%, after Barclays upgraded the stock to Overweight and lifted its target to $450 from $370, citing a sharp inflection in Robotaxi miles and a potential SpaceX merger. The move also completed a double bottom at $345.88 and $349.33, with a neckline at $388.56 and a measured target of $431.24. Here is what the upgrade actually says, why the chart and the analyst now point the same way, and what would break the target.
Author  Irene Q.
Yesterday 05: 30
Tesla closed at $391.62 on October 26, up 5.21%, after Barclays upgraded the stock to Overweight and lifted its target to $450 from $370, citing a sharp inflection in Robotaxi miles and a potential SpaceX merger. The move also completed a double bottom at $345.88 and $349.33, with a neckline at $388.56 and a measured target of $431.24. Here is what the upgrade actually says, why the chart and the analyst now point the same way, and what would break the target.
placeholder
Fed October Rate Decision Preview: Rate Hike Pause Has Become Consensus, How Will US Stocks, Dollar, and Gold React?The Federal Reserve will announce its October interest rate decision at 14:00 Eastern Time on October 28, and Fed Chair Warsh will hold a press conference at 14:30. Markets currently wide
Author  TradingKey
22 hours ago
The Federal Reserve will announce its October interest rate decision at 14:00 Eastern Time on October 28, and Fed Chair Warsh will hold a press conference at 14:30. Markets currently wide
goTop
quote