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
ECB Policy Outlook for 2026: What It Could Mean for the Euro’s Next MoveWith the ECB likely holding rates steady at 2.15% and the Fed potentially extending cuts into 2026, EUR/USD may test 1.20 if Eurozone growth proves resilient, but weaker growth and an ECB pivot could pull the pair back toward 1.13 and potentially 1.10.
Author  Mitrade
Dec 26, Fri
With the ECB likely holding rates steady at 2.15% and the Fed potentially extending cuts into 2026, EUR/USD may test 1.20 if Eurozone growth proves resilient, but weaker growth and an ECB pivot could pull the pair back toward 1.13 and potentially 1.10.
placeholder
Dogecoin Is Repeating Its 2020 Accumulation Cycle, Analyst SaysCrypto analyst Cryptollica (@Cryptollica on X) is arguing that Dogecoin’s weekly chart is doing that familiar thing again: carving out a rounded base, bleeding off volatility, resetting momentum
Author  NewsBTC
Dec 26, Fri
Crypto analyst Cryptollica (@Cryptollica on X) is arguing that Dogecoin’s weekly chart is doing that familiar thing again: carving out a rounded base, bleeding off volatility, resetting momentum
placeholder
TradingKey 2025 Markets Recap & Outlook | Gold Records Its Best Performance in Half a Century, Wall Street Predicts $5,000 Breach in 2026TradingKey - Amid increasing global economic uncertainty, gold is experiencing its best year since 1979, recording its largest gain in 46 years.As of December 26, the price of gold futures (New York g
Author  TradingKey
Dec 26, Fri
TradingKey - Amid increasing global economic uncertainty, gold is experiencing its best year since 1979, recording its largest gain in 46 years.As of December 26, the price of gold futures (New York g
placeholder
Top 10 crypto predictions for 2026: Institutional demand and big banks could lift BitcoinCrypto’s 2026 outlook hinges on whether institutional demand returns—via ETFs, banks and digital-asset treasury buyers—with BTC facing a wide range between support near $80,600 and a potential $140,259 upside target, while stablecoins, AI tokens, Solana growth and regulation remain key themes.
Author  Mitrade
Dec 26, Fri
Crypto’s 2026 outlook hinges on whether institutional demand returns—via ETFs, banks and digital-asset treasury buyers—with BTC facing a wide range between support near $80,600 and a potential $140,259 upside target, while stablecoins, AI tokens, Solana growth and regulation remain key themes.
placeholder
TradingKey 2025 Markets Recap & Outlook | Global Central Banks 2025 Recap and 2026 Outlook: Navigating Post-Easing Recovery and Diverging PathsIn 2025, major central banks globally generally maintained an accommodative stance, but the pace of policy adjustment slowed significantly. As inflation gradually came under control and e
Author  TradingKey
Dec 25, Thu
In 2025, major central banks globally generally maintained an accommodative stance, but the pace of policy adjustment slowed significantly. As inflation gradually came under control and e
goTop
quote