CTAs were likely to buy Gold in the coming sessions in (nearly) every reasonable scenario for prices, TDS’ Senior Commodity Strategist Daniel Ghali notes.

The Pound Sterling (GBP) is tracking its major currency peers higher against the USD on the session—but is lagging the EUR somewhat, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

The Euro (EUR) has managed to push a little more decisively through the low 1.04 area overnight, with the help of easing, for now, tariff concerns and firmer than forecast PMI data, reflecting solid, German Services data, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

The Canadian Dollar (CAD) is picking up a little support amid the broader decline in the USD into the end of the week but gains remain suitably measured, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

The New Zealand Dollar (NZD) has been having a good run, Rabobank’s FX analyst Jane Folley reports.

President Trump’s comments to the Davos WEF yesterday contained much of the same as his recent pronouncements—tax cuts, lower oil prices and a demand that interest rates drop ‘immediately’.

India FX Reserves, USD down to $623.98B in January 13 from previous $625.87B

USD/JPY recently formed a lower peak near 158.85 than the one achieved last year at 162, Societe Genrale’s FX experts note.

USD/CNH could stay below 7.30 for now, despite Trump threatening to impose a 10% US tariff on Chinese goods comes February 1, OCBC’s FX & Credit Strategist Chang Wei Liang notes.

President Christine Lagarde delivers remarks in Davos today after having reiterated the guidance for gradual cuts earlier this week, ING’s FX analyst Francesco Pesole notes.

FX option expiries for Jan 24 NY cut at 10:00 Eastern Time via DTCC can be found below.

Dogecoin price declined 5% on Wednesday, trading as low as $0.35 on Binance.

ECB to continue to cut on 30 January with another 25bp reduction in the policy rate to 2.75%, and markets expect the description of the policy stance to be unchanged vs December, Deutsche Bank’s analysts report.

The CBI’s January survey of manufacturing was generally morose, Scotiabank’s Chief FX Strategist Shaun Osborne notes.  

The Euro (EUR) is steady around the 1.04 zone, Scotiabank’s Chief FX Strategist Shaun Osborne notes.  

The Canadian Dollar (CAD) is little changed on the session, Scotiabank’s Chief FX Strategist Shaun Osborne notes.  

The US Dollar (USD) continues to consolidate.

Slight increase in momentum is likely to lead to a higher trading range of 7.2700/7.2980. In the longer run, decline in US Dollar (USD) seems excessive, but there is potential for a test of 7.2420, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Chance for US Dollar (USD) to retest 156.70 before a more sustained pullback is likely. In the longer run, USD weakness has stabilized; it is likely to consolidate between 155.30 and 157.55 for the time being, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Further range trading is likely, probably between 0.5640 and 0.5685. In the longer run, New Zealand Dollar (NZD) is likely to continue to rise, potentially reaching the major resistance at 0.5750, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Further sideways trading appears likely, probably in a 0.6240/0.6295 range. In the longer run, current price action is likely the early stages of a recovery phase that could potentially reach 0.6350, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

Monday's correction in the dollar has not run very far at all. That sell-off was premised on Day One not nearly being as aggressive with tariffs as many had feared. Currently, the market’s attention is on two significant upcoming dates, ING’s FX analyst Chris Turner notes.

Current price movements are likely part of a 1.2280/1.2355 range trading phase. In the longer run, Pound Sterling (GBP) view is positive, anticipating a move to 1.2410, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

This week's EUR/USD bounce has been pretty muted so far. As above, there is no way investors can expect to hear an 'all-clear' signal on tariffs.

Euro (EUR) is likely to trade in range between 1.0380 and 1.0440. In the longer run, current price action is part of a recovery phase that could extend to 1.0480, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

FX option expiries for Jan 23 NY cut at 10:00 Eastern Time via DTCC can be found below.

Dogecoin price rose 5% on Wednesday to reclaim $0.38 as Donald Trump signed the DOGE department into law.

Linked with the increase in BoJ rate hike expectations, USD/JPY has dropped from a January high in the 158.87 area back below 156.00 this week, Rabobank’s FX analyst Jane Folet reports.

US Dollar (USD) could trade in a range of 7.2550/7.2950. In the longer run, decline in USD seems excessive, but there is potential for a test of 7.2420, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

US Dollar (USD) is likely to trade in a range between 155.00 and 156.00. In the longer run, despite no pickup in downward momentum, there is a chance for USD to drop further to 154.40, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.