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12:59 USD/JPY holds losses near 158.00 amid growing intervention rumours
The US Dollar is trading near the 158.00 level against the Japanese Yen at the time of writing, after pulling back from session highs above 159.20.

12:22 Silver Price Forecasts: XAG/USD stalls below the $100.00 psychological level
Silver (XAG/USD) hit a fresh all-time high at $99.39 earlier on Friday, before pulling back to levels around $98.25 at the time of writing.

12:08 AUD/USD: Any advance is likely part of a higher range of 0.6810/0.6860 – UOB Group
There is scope for Australian Dollar (AUD) to rise further, but any advance is likely part of a higher range of 0.6810/0.6860. In the longer run, AUD could continue to advance, but the scope for further gains is likely limited.

There is scope for Australian Dollar (AUD) to rise further, but any advance is likely part of a higher range of 0.6810/0.6860. In the longer run, AUD could continue to advance, but the scope for further gains is likely limited. The levels to watch are 0.6860 and 0.6885, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. Scope for Australian Dollar to rise further24-HOUR VIEW: "Our view for AUD to consolidate yesterday was incorrect. Instead of consolidating, AUD surged to a high of 0.6848, closing on a strong note at 0.6842, up by 1.18%. While the outsized rise appears excessive, there is scope for AUD to rise further. However, any advance is likely part of a higher range of 0.6810/0.6860. In other words, AUD is unlikely to break clearly above 0.6860." 1-3 WEEKS VIEW: "We highlighted two days ago (21 Jan, spot at 0.6730) that 'there is a chance for AUD to edge higher and test the significant resistance at 0.6765'. After AUD rose above 0.6765, we highlighted yesterday (22 Jan, spot at 0.6755) that 'upward momentum has increased further, and AUD could test 0.6790 next'. However, instead of testing 0.6790, AUD broke above this level and surged to a high of 0.6845. The rally over the past few days appears to be excessive but with no sign of a pause yet, AUD could continue to advance. That said, the scope for further gains is likely limited. The levels to watch are 0.6860 and 0.6885. On the downside, if AUD breaks below 0.6770, it would indicate that the current strong upward pressure is easing."

12:03 JPY: BoJ upgrades outlook but Yen reaction muted – ING
Despite the Bank of Japan (BoJ) revising up growth and inflation forecasts, political and fiscal risks are dominating yen dynamics and muting the usual USD/JPY response, ING's FX analyst Chris Turner notes.

Despite the Bank of Japan (BoJ) revising up growth and inflation forecasts, political and fiscal risks are dominating yen dynamics and muting the usual USD/JPY response, ING's FX analyst Chris Turner notes.Japan politics overshadow monetary policy signals"On another day, today's Bank of Japan meeting might have sent USD/JPY a little lower. Growth and inflation forecasts were revised up and the BoJ seemed to be showing concerns about potential labour shortages and what it could mean for wages.""However, the political/fiscal story is dominating in Japan. Were PM Sanae Takaichi to prove successful in securing an LDP majority in elections on 8 February, JGB yields would rise again and the yen would be hit on fiscal concerns.""We've got a slightly bullish USD/JPY bias into that election event risk – especially should US activity data continue to perform well."

11:54 GBP/USD may not have enough steam to break above 1.3570 – UOB Group
The risk for Pound Sterling (GBP) remains on the upside; it is unclear whether momentum is strong enough to break above 1.3570, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

The risk for Pound Sterling (GBP) remains on the upside; it is unclear whether momentum is strong enough to break above 1.3570, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. Risk for GBP remains on the upside24-HOUR VIEW: "Following GBP’s price action two days ago, we highlighted the following yesterday: 'There has been no shift in either downward or upward momentum, and we continue to expect range-trading today, most likely between 1.3400 and 1.3460'. GBP subsequently dipped to a low of 1.3402 before staging a surprisingly sharp rally that broke slightly above the major resistance at 1.3505 (high of 1.3507). While further GBP strength is not ruled out, deeply overbought conditions suggest a sustained break above 1.3525 is unlikely. The high seen earlier this month, near 1.3570, is not expected to come into view. On the downside, firm support is located at 1.3460, with minor support at 1.3480." 1-3 WEEKS VIEW: "We highlighted two days ago (21 Jan, spot at 1.3440) that 'the near-term bias is tilted to the upside toward 1.3505, but based on the current momentum, GBP may not break clearly above this level'. In a sudden move yesterday, GBP rallied to a high of 1.3507. While the price action suggests the risk for GBP remains on the upside, it is unclear for now whether upward momentum is strong enough to break above the significant resistance at 1.3570. The upside bias will remain intact as long as GBP holds above 1.3430 (‘strong support’ level previously at 1.3380)."

11:33 USD/JPY hits channel resistance near 159.45 – Société Générale
USD/JPY has met interim resistance near 159.45 at the top of an ascending channel, with a short-term pullback potentially finding support around the 50-day moving average at 156.00-156.60, Société Générale's FX analysts note.

USD/JPY has met interim resistance near 159.45 at the top of an ascending channel, with a short-term pullback potentially finding support around the 50-day moving average at 156.00-156.60, Société Générale's FX analysts note. 50-DMA seen as key support on pullbacks"USD/JPY encountered interim resistance at the upper limit of an ascending channel near 159.45 earlier this month. If a short-term pullback develops, the 50 DMA near 156.60/156.00 could be an important support zone." "Defence of the moving average can lead to persistence in the up move. Beyond 159.45, the next objectives could be located at projections of 160.70 and peak of 2024 near 162."

11:32 Silver price today: Silver rises, according to FXStreet data
Silver prices (XAG/USD) rose on Friday, according to FXStreet data. Silver trades at $97.83 per troy ounce, up 1.77% from the $96.13 it cost on Thursday.

11:31 EUR: Europe’s strategic autonomy may support the Euro – ING
Growing consensus that Europe must chart its own strategic path is expected to underpin the Euro (EUR). EUR/USD may see further upside pressure, though resistance around 1.1770-1.1780 remains key, ING's FX analyst Chris Turner notes.

Growing consensus that Europe must chart its own strategic path is expected to underpin the Euro (EUR). EUR/USD may see further upside pressure, though resistance around 1.1770-1.1780 remains key, ING's FX analyst Chris Turner notes.EUR/USD faces resistance near 1.1780"Events this week have seen most conclude that Europe needs to be the master of its own destiny. This time last year, US Defence Secretary Pete Hegseth was rubbishing NATO and driving Europe into more defence spending and more German fiscal stimulus." "Eurozone 10 year swap rates jumped 40bp on this theme last year and quickly dragged EUR/USD some 5% higher. It is hard to see similar-size moves happening again – unless there is some surprise extra fiscal stimulus emerging – but this is a theme that will provide support to the euro on dips.""EUR/USD my face another boost. 1.1770/1780 is intra-day resistance. Any unexpected break of resistance at 1.1810 would prompt us to reassess our neutral EUR/USD view this quarter."

11:30 United Kingdom S&P Global Services PMI came in at 54.3, above expectations (51.7) in January
United Kingdom S&P Global Services PMI came in at 54.3, above expectations (51.7) in January

11:30 United Kingdom S&P Global Composite PMI above expectations (51.7) in January: Actual (53.9)
United Kingdom S&P Global Composite PMI above expectations (51.7) in January: Actual (53.9)

11:30 United Kingdom S&P Global Manufacturing PMI up to 51.6 in January from previous 50.6
United Kingdom S&P Global Manufacturing PMI up to 51.6 in January from previous 50.6

11:22 EUR/USD: Expected to continue to rise – UOB Group
Euro (EUR) is expected to continue to rise; the major resistance at 1.1805 is likely out of reach for now. In the longer run, increase in momentum suggest the likelihood of EUR reaching 1.1805 is rising, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Euro (EUR) is expected to continue to rise; the major resistance at 1.1805 is likely out of reach for now. In the longer run, increase in momentum suggest the likelihood of EUR reaching 1.1805 is rising, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. Major resistance at 1.1805 is likely out of reach24-HOUR VIEW: "Our view for EUR to consolidate yesterday was incorrect, as it rose sharply, reaching a high of 1.1756. There has been a sharp increase in upward momentum, and we expect EUR to continue to rise today. However, the major resistance at 1.1805 is likely out of reach for now. Note that there is another resistance level at 1.1780. Support levels are at 1.1735 and 1.1715." 1-3 WEEKS VIEW: "Our most recent narrative was from two days ago (21 Jan, spot at 1.1680), in which we stated that 'the risk for EUR remains on the upside, but the probability of it breaking above 1.1805 is not high for now'. Yesterday, EUR soared and reached a high of 1.1756 before closing on a strong note at 1.1754, up by 0.62%. The increase in upward momentum suggests that the likelihood of EUR reaching 1.1805 is rising and will continue to build as long as the ‘strong support’ at 1.1675 (level previously 1.1625) remains intact."

11:02 GBP/JPY retreats below 213.50 amid rumours of a Yen intervention
The Pound has retraced to the mid-range of the 123.00s, trading at 213.47 against the JPY at the time of writing, after whipsawing more than 200 pips as the Bank of Japan (BoJ) Governor Kazuho Ueda concluded his press conference, which has rumours of a Yen intervention.

11:00 Eurozone HCOB Services PMI below expectations (52.8) in January: Actual (51.9)
Eurozone HCOB Services PMI below expectations (52.8) in January: Actual (51.9)

11:00 Eurozone HCOB Composite PMI below forecasts (51.6) in January: Actual (51.5)
Eurozone HCOB Composite PMI below forecasts (51.6) in January: Actual (51.5)

11:00 Eurozone HCOB Manufacturing PMI above expectations (49) in January: Actual (49.4)
Eurozone HCOB Manufacturing PMI above expectations (49) in January: Actual (49.4)

10:58 Pound Sterling rises as UK Retail Sales unexpectedly return to growth
The Pound Sterling (GBP) attracts bids against its major currency peers as the United Kingdom (UK) Retail Sales figures have grown in December, after contracting in the last two months.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}The Pound Sterling moves higher against its currency peers after the release of upbeat UK Retail Sales data for December.UK Retail Sales rose by 0.4% MoM, beating market consensus of a contraction at a steady pace of 0.1%.The Federal Reserve is seen leaving interest rates steady in the monetary policy meeting next week.The Pound Sterling (GBP) attracts bids against its major currency peers as the United Kingdom (UK) Retail Sales figures have grown in December, after contracting in the last two months. The Office for National Statistics (ONS) has reported that Retail Sales data, a key measure of consumer spending, rose by 0.4% month-on-month (MoM), while it was expected to decline steadily by 0.1%.On an annualized basis, the consumer spending measure grew strongly by 2.5% against market consensus of a rise at a moderate pace of 1%, from 1.8% in November, which was revised higher from 0.6%.Strong UK Retail Sales data is expected to weigh on market bets for interest rate cuts by the Bank of England (BoE) in the near term.Investors brace for more volatility in the Pound Sterling during the flash UK S&P Global Purchasing Managers’ Index (PMI) release at 09:30 GMT. UK’s private sector business activity data is expected to show that the Services PMI expanded at a faster pace to 51.7 in January from 51.4 in December.Next week will be light in terms of UK economic data, and market sentiment and expectations for the Bank of England’s (BoE) monetary policy outcome at the February meeting are set to drive the Pound Sterling.Daily Digest Market Movers: US Dollar faces pressure amid concerns over Trump’s trade relationsThe Pound Sterling trades firmly near the two-week high of 1.3500 against a weakened US Dollar (USD) during the European trading session on Friday. The GBP/USD pair remains strong as the US Dollar (USD) underperforms across the board, with investors turning cautious over Trump’s long-term trade relations with its trading partners.At the time of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.2% higher to near 98.45. Still, the DXY is close to its two-week low of 98.28 posted on Thursday.Since the imposition of tariff policy by United States (US) President Donald Trump on his trading partners, in an attempt to fix the widened trade deficit, relations between Washington and other big economies such as India and China, have not been stable. Additionally, the US-Russia understanding has also been tested several times amid the war in Ukraine.Meanwhile, geopolitical and trade disputes between the US and the European Union (EU) have been resolved as Trump backed off on the possibility of purchasing Greenland forcefully and rolled back 10% tariffs imposed on several members of the old continent, after meeting with NATO Secretary General, Mark Rutte. In the meeting, both reached a framework of a “future deal with respect to Greenland, and in fact, the entire Arctic Region”.However, market experts believe that the framework is a temporary solution, and doesn’t solve Washington’s arbitrariness, raising concerns over the stability of global peace. This scenario also raises questions about the US Dollar’s reserve currency status.On the domestic front, investors await the Federal Reserve’s (Fed) monetary policy announcement on Wednesday. The Fed is expected to leave interest rates unchanged in the range of 3.50%-3.75%, according to the CME FedWatch tool.Technical Analysis: GBP/USD trades firmly near 1.3500GBP/USD clings to gains near 1.3500 as of writing. Price holds above the rising 20-day Exponential Moving Average (EMA) at 1.3441, keeping the near-term bias pointed higher. The 14-day Relative Strength Index (RSI) at 59 (neutral) has ticked up, supporting improving momentum.Measured from the 1.3793 high to the 1.3009 low, the 61.8% Fibonacci retracement at 1.3494 stands as immediate resistance and is being tested. A daily close above it would open a move toward the 78.6% retracement at 1.3625, while failure to clear it, would keep the rebound capped and encourage consolidation.(The technical analysis of this story was written with the help of an AI tool.) Pound Sterling FAQs What is the Pound Sterling? The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE). How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects. How does economic data influence the value of the Pound? Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall. How does the Trade Balance impact the Pound? Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

10:56 AUD/JPY retreats from 109.00 as "rate check" by Japan's Finance Ministry lifts JPY
The AUD/JPY cross retreats nearly 130 pips from the highest level since July 2024, around the 109.00 mark touched earlier this Friday, though the pullback lacks follow-through.

10:35 EUR/USD drifts away from highs ahead of flash PMIs
EUR/USD posts moderate losses, trading near 1.1730 at the time of writing on Friday, but holding most of the previous day's gains and on track for its strongest weekly performance since June.

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p{font-size:14.72px;line-height:20px}.fxs-event-module-read-more{font-size:14.72px;line-height:20px}.fxs-event-module-calendar-title{font-size:22.4px;line-height:25.6px}.fxs-event-module-title{font-size:19.2px;line-height:27.2px}.fxs-event-module-header{font-size:19.2px;line-height:25.92px}.fxs-event-module-content{font-size:16px;line-height:21.6px}}EUR/USD remains close to 1.1765 highs after bouncing from 1.1670 on Thursday.The US Dollar is on track for its largest weekly sell-off in months amid US-EU tensions.Erozone and US flash PMIs are likely to drive the pair on Friday.EUR/USD posts moderate losses, trading near 1.1730 at the time of writing on Friday, but holding most of the previous day's gains and on track for its strongest weekly performance since June. The US Dollar (USD) has been hit by US President Donald Trump's obsession with acquiring Greenland, while the market braces for the release of flash Purchasing Managers' Index (PMI) figures in Europe and the US.Trump said on social media that he has secured total and permanent access to Greenland in a deal with the North Atlantic Treaty Organization (NATO), following a speech at the Davos World Economic Forum, where he backed off on the use of military action against NATO allies and withdrew threats of tariffs to the Eurozone countries.On the macroeconomic front, US Q3 Gross Domestic Product (GDP) figures beat expectations on Thursday, weekly Initial Jobless Claims rose less than expected, and the Personal Consumption Expenditures (PCE) Price Index revealed higher inflationary pressures in November, supporting the US Federal Reserve's (Fed) view of steady interest rates. The data, however, was practically ignored, with geopolitical tensions front and center in the market. Euro Price Today The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the New Zealand Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD 0.15% 0.09% -0.03% 0.08% -0.04% 0.14% 0.14% EUR -0.15% -0.06% -0.19% -0.07% -0.18% -0.01% -0.01% GBP -0.09% 0.06% -0.11% -0.00% -0.12% 0.05% 0.05% JPY 0.03% 0.19% 0.11% 0.15% 0.02% 0.19% 0.20% CAD -0.08% 0.07% 0.00% -0.15% -0.13% 0.05% 0.06% AUD 0.04% 0.18% 0.12% -0.02% 0.13% 0.17% 0.19% NZD -0.14% 0.00% -0.05% -0.19% -0.05% -0.17% -0.00% CHF -0.14% 0.01% -0.05% -0.20% -0.06% -0.19% 0.00% 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 US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote). Daily Digest Market Movers: EU-US tensions hit the US DollarThe US Dollar Index (DXY) languishes near three-week lows as the deterioration in the relationship between the US and the EU, its main trading partner, amid the Greenland issue erodes confidence in the US as a global leader and the status of the US Dollar as a reserve currency.Market sentiment improved after Trump softened his tone toward the European Union, which allowed for a relief rally. Transatlantic relations, however, have been severely damaged, and the US Dollar is taking the brunt of it, at least for now.US macroeconomic releases, on the other hand, were USD-supportive on Thursday. The US Q3 GDP was revised up to 4.4% annualized growth, from the previous 4.3% estimate, and also above the 3.8% growth seen in Q2.The US PCE Price Index accelerated 2.8% year-on-year in November from 2.7% previously, as widely expected. The core PCE Price Index showed an identical performance.Beyond that, US Initial Jobless Claims rose to 200K in the week of January 17, from the upwardly revised 199K the previous week, still well below the 212K anticipated by the market.Later on Friday, the Eurozone's preliminary HCOB PMIs are expected to show that business activity in the services sector accelerated, with the Services PMI index rising to 52.8 in January from 52.4 in December, while the Manufacturing PMI is expected to rise to 49.0 from 48.8 in December.In the US, the S&P Global preliminary Services PMI is seen ticking up to 52.8 in January from 52.5 in December.Technical Analysis: EUR/USD fails again near the 1.1765 area
EUR/USD is retreating from levels close to a key resistance area at 1.1765. Technical indicators are also turning lower on the 4-hour chart. The Relative Strength Index (RSI) has dropped to 60, approaching the neutral zone, and the Moving Average Convergence Divergence (MACD) histogram is contracting, highlighting a weaker upside momentum.On the downside, intraday lows are at the 1.1725 area, although there is no clear support ahead of Thursday's low at 1.1670. Above the mentioned 1.1765 (January 2 and 20 highs), the next target is the December 24 high, at 1.1808.(The technical analysis of this story was written with the help of an AI tool.) Economic Indicator HCOB Manufacturing PMI The Manufacturing Purchasing Managers Index (PMI), released on a monthly basis by S&P Global and Hamburg Commercial Bank (HCOB), is a leading indicator gauging business activity in the Eurozone manufacturing sector. The data is derived from surveys of senior executives at private-sector companies from the manufacturing sector. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product (GDP), industrial production, employment and inflation. The index varies between 0 and 100, with levels of 50.0 signaling no change over the previous month. A reading above 50 indicates that the manufacturing economy is generally expanding, a bullish sign for the Euro (EUR). Meanwhile, a reading below 50 signals that activity among goods producers is generally declining, which is seen as bearish for EUR. Read more. Next release: Fri Jan 23, 2026 09:00 (Prel) Frequency: Monthly Consensus: 49 Previous: 48.8 Source: S&P Global Economic Indicator HCOB Services PMI The Services Purchasing Managers Index (PMI), released on a monthly basis by S&P Global and Hamburg Commercial Bank (HCOB), is a leading indicator gauging business activity in the Eurozone services sector. As the services sector dominates a large part of the economy, the Services PMI is an important indicator gauging the state of overall economic conditions. The data is derived from surveys of senior executives at private-sector companies from the services sector. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product (GDP), industrial production, employment and inflation. The index varies between 0 and 100, with levels of 50.0 signaling no change over the previous month. A reading above 50 indicates that the services economy is generally expanding, a bullish sign for the Euro (EUR). Meanwhile, a reading below 50 signals that activity among services providers is generally declining, which is seen as bearish for EUR. Read more. Next release: Fri Jan 23, 2026 09:00 (Prel) Frequency: Monthly Consensus: 52.8 Previous: 52.4 Source: S&P Global

10:30 Germany HCOB Manufacturing PMI above expectations (48) in January: Actual (48.7)
Germany HCOB Manufacturing PMI above expectations (48) in January: Actual (48.7)

10:30 Germany HCOB Composite PMI registered at 52.5 above expectations (51.8) in January
Germany HCOB Composite PMI registered at 52.5 above expectations (51.8) in January

10:30 Germany HCOB Services PMI came in at 53.3, above expectations (53) in January
Germany HCOB Services PMI came in at 53.3, above expectations (53) in January

10:15 France HCOB Manufacturing PMI came in at 51, above expectations (50.3) in January
France HCOB Manufacturing PMI came in at 51, above expectations (50.3) in January

10:15 France HCOB Services PMI came in at 47.9, below expectations (50.5) in January
France HCOB Services PMI came in at 47.9, below expectations (50.5) in January

10:15 France HCOB Composite PMI below expectations (50.1) in January: Actual (48.6)
France HCOB Composite PMI below expectations (50.1) in January: Actual (48.6)

10:13 NZD/USD moves away from four-month high, dips below 0.5900 amid modest USD bounce
The NZD/USD pair extends its steady intraday descent from the 0.5930 area, or a four-month high touched earlier this Friday, and slides to a fresh daily low during the first half of the European session.

10:03 EUR/JPY retreats below 186.00 as BoJ's Ueda speaks
The Euro has pulled back from record highs near 187.00 to trade at 185.60 at the time of writing, with all Yen crosses whipsawing following Bank of Japan's (BoJ) Governor Ueda's press conference.

09:48 USD/CAD hovers around 1.3800 as US-EU tensions ease, US PMI eyed
USD/CAD halts its four-day losing streak, trading around 1.3790 during the European hours on Friday. The pair holds ground as the US Dollar (USD) recovers from losses registered in the previous session amid easing geopolitical and trade tensions between the United States (US) and Europe.

09:45 France Business Climate in Manufacturing came in at 105, above expectations (101) in January
France Business Climate in Manufacturing came in at 105, above expectations (101) in January

09:33 Forex Today: BoJ keeps policy rate unchanged, Gold rises toward $5,000
Here is what you need to know on Friday, January 23:

09:27 When is the UK Services PMI and how could it affect GBP/USD?
The United Kingdom (UK) docket has the preliminary Purchasing Managers’ Index (PMI) data for January to be released by the S&P Global on Friday, later this session at 09:30 GMT.

09:00 United Kingdom Retail Sales ex-Fuel (MoM) came in at 0.3%, above expectations (-0.2%) in December
United Kingdom Retail Sales ex-Fuel (MoM) came in at 0.3%, above expectations (-0.2%) in December

09:00 United Kingdom Retail Sales (YoY) came in at 2.5%, above forecasts (1%) in December
United Kingdom Retail Sales (YoY) came in at 2.5%, above forecasts (1%) in December

09:00 United Kingdom Retail Sales (MoM) registered at 0.4% above expectations (-0.1%) in December
United Kingdom Retail Sales (MoM) registered at 0.4% above expectations (-0.1%) in December

09:00 United Kingdom Retail Sales ex-Fuel (YoY) came in at 3.1%, above forecasts (1.4%) in December
United Kingdom Retail Sales ex-Fuel (YoY) came in at 3.1%, above forecasts (1.4%) in December

08:52 Silver Price Forecast: XAG/USD hits fresh record highs above $99.00
Silver price (XAG/USD) extends its gains for the second successive session, trading around $99.10 per troy ounce during the Asian hours on Friday.

08:32 When are the German/ Eurozone flash HCOB PMIs and how could they affect EUR/USD?
The preliminary German and Eurozone flash HCOB Purchasing Managers’ Index (PMI) data for January is due for release today at 08:30 and 09:00 GMT, respectively.

07:58 US Dollar Index remains below 98.50 due to risk aversion, S&P Global PMI eyed
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding ground after registering 0.5% losses in the previous session. The DXY is hovering around 98.30 during the Asian hours on Friday.

07:56 USD/INR trades firmly near lifetime highs ahead of extended weekend in India
The Indian Rupee (INR) holds onto weekly losses against the US Dollar (USD) at open on Friday. The USD/INR pair trades close to its all-time high of 92.00 posted on Wednesday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}The Indian Rupee remains weak near all-time lows of around 92.00 against the US Dollar.FIIs continue to dump their stakes in the Indian equity market.Trump announces that he will unveil the name of the new Fed Chair soon.The Indian Rupee (INR) holds onto weekly losses against the US Dollar (USD) at open on Friday. The USD/INR pair trades close to its all-time high of 92.00 posted on Wednesday. The outlook for the pair remains broadly firm as the Indian Rupee is expected to continue facing backlash amid the consistent withdrawal of foreign funds from the Indian stock market.Foreign Institutional Investors (FIIs) are consistently offloading their stake in the Indian equity market amid the absence of a trade deal announcement between the United States (US) and India. However, negotiators from both nations have been expressing optimism about reaching a consensus soon.On Wednesday, US President Donald Trump also praised Indian Prime Minister (PM) Narendra Modi during his visit to the World Economic Forum (WEF) at Davos, and expressed confidence that both nations will have a good deal. “I have great respect for your Prime Minister. He’s a fantastic man and a friend of mine. We are going to have a good deal,” Trump said, Moneycontrol reported.So far in January, FIIs have remained net sellers in 14 of 15 trading days and have sold shares worth Rs. 36,591.01 crore.On the economic data front, India’s flash HSBC Purchasing Managers’ Index (PMI) data for January has come in stronger than expected. The Composite PMI rose sharply to 59.5 from 57.8 in December, driven by strong output in both manufacturing and the services sector. The Manufacturing PMI came in at 56.8, higher than the prior reading of 55.0. The Services PMI expanded to 59.3 from 58.0 in December.Going forward, there will be an extended weekend in the Indian markets as they will remain closed on Monday due to Republic Day.Daily Digest Market Movers: US Dollar weakens despite US-EU disputes being resolvedThe US Dollar’s rally against the Indian Rupee hits a pause after posting a fresh all-time high as the former faces selling pressure despite resolving geopolitical and trade disputes between the US and the European Union (EU) over Greenland’s entitlement.At the time of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, wobbles near the two-week low of 98.26.US-EU disputes resolved after President Donald Trump rolled back 10% tariffs imposed on several members of the old continent and ruled out fears of military action on Greenland, after meeting with NATO Secretary General, Mark Rutte, in which they reached a framework of a “future deal with respect to Greenland, and in fact, the entire Arctic Region”.Market experts believe that the US-NATO framework is a temporary solution, but Trump’s “America First” priority, even at the cost of other nations’ reputation, is unfavorable for the US Dollar in the long run.“While a Greenland deal solves the immediate problem of tariffs and invasion, it doesn’t solve the core issue of the seeming alienation of allies from one another. And that’s not a good place to be if you want to preserve the USD’s reserve-currency status," analysts at Macquarie Group said.On the monetary policy front, investors keenly await the announcement of the Federal Reserve’s (Fed) next Chair, which is expected soon. US President Trump said on Thursday that he has decided on the successor to Chair Jerome Powell, and will announce soon. “I’ll be telling you soon. I have somebody that I think will be very good,” Trump said.According to recent comments from White House officials, National Economic Council Director Kevin Hassett, BlackRock executive Rick Rieder, current Fed Governor Christopher Waller, and Michelle Bowman, and former Fed governor Kevin Warsh are top contenders to replace Fed’s Powell.Technical Analysis: USD/INR holds onto gains near 92.00USD/INR trades firmly at 91.8115 as of writing. The 20-day Exponential Moving Average (EMA) trends higher at 90.8253 and underpins the advance. Price holds above this rising 20-day EMA, keeping the near-term bias upward. The 14-day Relative Strength Index (RSI) at 72.84 (overbought) signals stretched momentum. Immediate support sits at the 20-day EMA, and bulls would retain control as long as the price is above it.A pullback toward the average at 90.8253 could attract buyers, while a close below it would shift focus to consolidation.(The technical analysis of this story was written with the help of an AI tool.) Indian Rupee FAQs What are the key factors driving the Indian Rupee? The Indian Rupee (INR) is one of the most sensitive currencies to external factors. The price of Crude Oil (the country is highly dependent on imported Oil), the value of the US Dollar – most trade is conducted in USD – and the level of foreign investment, are all influential. Direct intervention by the Reserve Bank of India (RBI) in FX markets to keep the exchange rate stable, as well as the level of interest rates set by the RBI, are further major influencing factors on the Rupee. How do the decisions of the Reserve Bank of India impact the Indian Rupee? The Reserve Bank of India (RBI) actively intervenes in forex markets to maintain a stable exchange rate, to help facilitate trade. In addition, the RBI tries to maintain the inflation rate at its 4% target by adjusting interest rates. Higher interest rates usually strengthen the Rupee. This is due to the role of the ‘carry trade’ in which investors borrow in countries with lower interest rates so as to place their money in countries’ offering relatively higher interest rates and profit from the difference. What macroeconomic factors influence the value of the Indian Rupee? Macroeconomic factors that influence the value of the Rupee include inflation, interest rates, the economic growth rate (GDP), the balance of trade, and inflows from foreign investment. A higher growth rate can lead to more overseas investment, pushing up demand for the Rupee. A less negative balance of trade will eventually lead to a stronger Rupee. Higher interest rates, especially real rates (interest rates less inflation) are also positive for the Rupee. A risk-on environment can lead to greater inflows of Foreign Direct and Indirect Investment (FDI and FII), which also benefit the Rupee. How does inflation impact the Indian Rupee? Higher inflation, particularly, if it is comparatively higher than India’s peers, is generally negative for the currency as it reflects devaluation through oversupply. Inflation also increases the cost of exports, leading to more Rupees being sold to purchase foreign imports, which is Rupee-negative. At the same time, higher inflation usually leads to the Reserve Bank of India (RBI) raising interest rates and this can be positive for the Rupee, due to increased demand from international investors. The opposite effect is true of lower inflation.

07:56 AUD/JPY Price Forecast: Strengthens above 108.50, RSI signals overbought conditions
The AUD/JPY cross gathers strength to near 108.55 during the early European session on Friday. The Japanese Yen weakens against the Australian Dollar (AUD) after the Bank of Japan (BoJ) interest rate decision.

07:29 India HSBC Composite PMI increased to 59.5 in January from previous 57.8
India HSBC Composite PMI increased to 59.5 in January from previous 57.8

07:28 India HSBC Manufacturing PMI climbed from previous 55 to 56.8 in January
India HSBC Manufacturing PMI climbed from previous 55 to 56.8 in January

07:28 India HSBC Services PMI increased to 59.3 in January from previous 58
India HSBC Services PMI increased to 59.3 in January from previous 58

07:23 USD/CHF seems fragile near 0.7900 as US Dollar underperforms
The USD/CHF pair trades with caution during the late Asian trading session on Friday, near its over three-week low of 0.7880 posted on Tuesday. The Swiss Franc pair remains on the back foot as the US Dollar (USD) falls into a frying pan after coming out from fire.

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The Swiss Franc pair remains on the back foot as the US Dollar (USD) falls into a frying pan after coming out from fire.During the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades close to its two-week low of 98.26. US Dollar Price Last 7 Days The table below shows the percentage change of US Dollar (USD) against listed major currencies last 7 days. US Dollar was the weakest against the New Zealand Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD -1.27% -0.92% -0.08% -0.81% -2.19% -2.94% -1.69% EUR 1.27% 0.36% 1.19% 0.46% -0.94% -1.68% -0.43% GBP 0.92% -0.36% 0.86% 0.11% -1.29% -2.04% -0.78% JPY 0.08% -1.19% -0.86% -0.72% -2.11% -2.86% -1.61% CAD 0.81% -0.46% -0.11% 0.72% -1.40% -2.15% -0.90% AUD 2.19% 0.94% 1.29% 2.11% 1.40% -0.75% 0.51% NZD 2.94% 1.68% 2.04% 2.86% 2.15% 0.75% 1.29% CHF 1.69% 0.43% 0.78% 1.61% 0.90% -0.51% -1.29% 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 US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote). The US Dollar regained ground after disputes over Greenland’s entitlement between the United States (US) and the European Union (EU) were settled, following the meeting between President Donald Trump and NATO Secretary General, Mark Rutte, in which they reached a framework for Greenland’s future deal.US President Trump also rolled back 10% tariffs imposed on several EU members and ruled out the possibility of acquiring Greenland by force.Meanwhile, fears among market participants that decisions by the new Federal Reserve (fed) Chairman will favor Trump’s economic agenda that central bank’s dual mandate have pushed the US Dollar on the back foot again. Trump announced on Thursday that he will soon announce Fed Chair Jerome Powell’s successor.In Switzerland, Swiss National Bank (SNB) Chairman Martin Schlegel has stated that there could be some negative inflation prints this year while speaking at the sidelines of the World Economic Forum (WEF) at Davos on Wednesday. However, Schlegel pushed back hopes of negative interest rates, citing that the bar for an ultra-dovish monetary policy stance is still very high. Central banks FAQs What does a central bank do? Central Banks have a key mandate which is making sure that there is price stability in a country or region. Economies are constantly facing inflation or deflation when prices for certain goods and services are fluctuating. Constant rising prices for the same goods means inflation, constant lowered prices for the same goods means deflation. It is the task of the central bank to keep the demand in line by tweaking its policy rate. For the biggest central banks like the US Federal Reserve (Fed), the European Central Bank (ECB) or the Bank of England (BoE), the mandate is to keep inflation close to 2%. What does a central bank do when inflation undershoots or overshoots its projected target? A central bank has one important tool at its disposal to get inflation higher or lower, and that is by tweaking its benchmark policy rate, commonly known as interest rate. On pre-communicated moments, the central bank will issue a statement with its policy rate and provide additional reasoning on why it is either remaining or changing (cutting or hiking) it. Local banks will adjust their savings and lending rates accordingly, which in turn will make it either harder or easier for people to earn on their savings or for companies to take out loans and make investments in their businesses. When the central bank hikes interest rates substantially, this is called monetary tightening. When it is cutting its benchmark rate, it is called monetary easing. Who decides on monetary policy and interest rates? A central bank is often politically independent. Members of the central bank policy board are passing through a series of panels and hearings before being appointed to a policy board seat. Each member in that board often has a certain conviction on how the central bank should control inflation and the subsequent monetary policy. Members that want a very loose monetary policy, with low rates and cheap lending, to boost the economy substantially while being content to see inflation slightly above 2%, are called ‘doves’. Members that rather want to see higher rates to reward savings and want to keep a lit on inflation at all time are called ‘hawks’ and will not rest until inflation is at or just below 2%. Is there a president or head of a central bank? Normally, there is a chairman or president who leads each meeting, needs to create a consensus between the hawks or doves and has his or her final say when it would come down to a vote split to avoid a 50-50 tie on whether the current policy should be adjusted. The chairman will deliver speeches which often can be followed live, where the current monetary stance and outlook is being communicated. A central bank will try to push forward its monetary policy without triggering violent swings in rates, equities, or its currency. All members of the central bank will channel their stance toward the markets in advance of a policy meeting event. A few days before a policy meeting takes place until the new policy has been communicated, members are forbidden to talk publicly. This is called the blackout period.

07:11 When are the UK Retail Sales and how could they affect GBP/USD?
The United Kingdom (UK) docket has the Retail Sales data for December to be released by the Office for National Statistics (ONS) on Friday, later this session at 07:00 GMT.

07:04 WTI edges higher above $59.50 as US Dollar weakness offsets supply concerns
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $59.85 during the early European trading hours on Friday. The WTI price edges higher amid a weaker US Dollar (USD) and risk-on mood in wider markets.

07:00 Singapore Consumer Price Index (YoY) in line with forecasts (1.2) in December
Singapore Consumer Price Index (YoY) in line with forecasts (1.2) in December

06:46 Gold record-setting rally remains uninterrupted for fifth day amid Fed rate cut bets
Gold (XAU/USD) prolongs its weekly uptrend and advances to a fresh all-time peak, around the $4,967 region, during the Asian session on Friday.

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The commodity remains on track to register strong weekly gains despite easing geopolitical tensions following US President Donald Trump's U-turn on Greenland. In fact, Trump pulled back from his threat to slap additional tariffs on eight European nations and ruled out seizing Greenland by force. This, in turn, remains supportive of the upbeat market mood, which tends to undermine demand for traditional safe-haven assets, albeit it does little to dent the strong bullish sentiment surrounding the bullion.Meanwhile, the US Dollar (USD) attracts some buyers and recovers a part of the overnight slump back closer to a two-week low. This, along with extremely overbought conditions on short-term charts and the upbeat mood across the global equity markets, might hold back traders from placing fresh bullish bets around the safe-haven Gold. Any meaningful USD appreciation seems elusive in the wake of bets for at least two more interest rate cuts by the US Federal Reserve (Fed). This, in turn, should continue to act as a tailwind for the non-yielding yellow metal, suggesting that corrective pullbacks are more likely to be bought into and remain limited.Daily Digest Market Movers: Gold buying remains unabated as dovish Fed expectations offset easing geopolitical tensionsUS President Donald Trump pulled back from his tariff threats and said on Wednesday that he had reached an agreement on a framework for a future deal on Greenland with NATO. The relief spurred a follow-through rally on Wall Street, and the spillover effect buoyed Asian equities on Friday.The US Bureau of Economic Analysis published the final reading of third-quarter Gross Domestic Product, which showed that the economy expanded by 4.4%, slightly better than the second estimate of 4.3%. The reading was also well above the 3.8% growth recorded in the previous quarter.A separate report revealed that the US Core Personal Consumption Expenditures Price Index – the Federal Reserve's preferred gauge of inflation – rose 2.8% YoY in November from 2.7% in the previous month. On a monthly basis, the gauge maintained a steady growth and recorded a 0.2% increase.Adding to this, the US Department of Labor reported that initial claims for state unemployment benefits increased 1,000 to a seasonally adjusted 200,000 for the week ended January 17. The print was lower than consensus estimates for a reading of 212K, though it failed to impress the US Dollar bulls.Investors seem convinced that the Fed will hold its key interest rate through the end of this quarter and possibly until Chair Jerome Powell's tenure ends in May. The markets, however, are still pricing in the possibility of two more rate reductions in 2026, which continues to weigh on the USD.The USD Index, which tracks the Greenback against a basket of currencies, remains on track to register heavy weekly losses, reversing a major part of its gains since the beginning of 2026. This, in turn, continues to benefit the Gold and backs the case for an extension of the recent record-setting rally.The market focus now shifts to a two-day FOMC policy meeting, starting next Tuesday. Investors will look for cues about the Fed's rate-cut path, which will play a key role in influencing the near-term USD price dynamics and provide some meaningful impetus to the non-yielding yellow metal.Gold needs to consolidate before the next leg up amid extremely overbought daily RSIThis week's breakout through the top end of an ascending channel extending from late October was seen as a key trigger for the XAU/USD bulls and validates the near-term positive outlook. The Moving Average Convergence Divergence (MACD) line stands above the Signal line, with both above zero, and the positive histogram widens, suggesting strengthening bullish momentum. The RSI at 81.11 is overbought and could cap gains near term, even as the breakout favors upside continuation.Momentum remains firm, but stretched conditions raise the risk of a pullback toward the channel floor at $4,437.46 should buyers fade. The MACD stays in positive territory and above the Signal line; a contracting histogram would hint at waning momentum and a corrective phase. RSI holds above 70, reinforcing an overbought profile that could trigger a pause before the broader uptrend resumes as long as price holds above former channel resistance.(The technical analysis of this story was written with the help of an AI tool.) Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. How is Gold correlated with other assets? Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. What does the price of Gold depend on? The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up. Technical Analysis:

06:35 India Gold price today: Gold rises, according to FXStreet data
Gold prices rose in India on Friday, according to data compiled by FXStreet.

06:25 EUR/USD Price Forecast: Remains near 1.1750 barrier, upper descending channel boundary
EUR/USD edges lower after registering over 0.5% gains in the previous session, trading around 1.1740 during the Asian hours on Friday.

05:48 EUR/JPY holds positive ground above 186.00 as BoJ keeps benchmark rate unchanged
The EUR/JPY cross gains ground near 186.25 during the Asian trading hours on Friday. The Japanese Yen (JPY) softens against the Euro (EUR) after the Bank of Japan's (BoJ) interest rate decision. The attention will shift to the BoJ press conference later on Friday.

05:18 GBP/JPY trades firmly near multi-year high while BoJ holds interest rates steady at 0.75%
The GBP/JPY pair trades close to its multi-year high of 214.30 during Friday’s Asian trading session, while the Bank of Japan (BoJ) has kept interest rates steady at 0.75%.

05:07 Japan BoJ Interest Rate Decision in line with forecasts (0.75%)
Japan BoJ Interest Rate Decision in line with forecasts (0.75%)

05:02 USD/CAD remains below 1.3800 as Oil prices pares recent losses
USD/CAD holds ground after four days of losses, trading around 1.3790 during the Asian hours on Friday. However, the pair may further weaken as the Canadian Dollar (CAD) could receive support amid higher Oil prices, given Canada’s status as the largest crude exporter to the United States (US).

04:47 RBNZ’s Breman vows to return inflation to the midpoint
Reserve Bank of New Zealand (RBNZ) Governor Anna Breman said on Friday that the central bank remains committed to returning inflation to the 2% midpoint.

04:29 Australian Dollar strengthens following PMI data
The Australian Dollar inches higher against the US Dollar (USD) on Friday, remaining in the positive territory for the second consecutive day.

.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a} .fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Australian Dollar gains following S&P Global Purchasing Managers Index data.Australia’s S&P Global Manufacturing PMI hit 52.4, while Services PMI rose to 56.0 in January.The US economy expanded 4.4% in Q3, beating estimates, supported by stronger exports and a smaller inventory drag.The Australian Dollar inches higher against the US Dollar (USD) on Friday, remaining in the positive territory for the second consecutive day. The AUD/USD pair holds ground following the preliminary reading of Australia's S&P Global Manufacturing Purchasing Managers Index (PMI), which came in at 52.4 in January versus 51.6 prior. Services PMI climbed to 56.0 in January from the previous reading of 51.1, while the Composite PMI climbed to 55.5 in January versus 51.0 prior.Thursday’s seasonally adjusted employment data from Australia strengthened expectations of tighter monetary policy from the Reserve Bank of Australia (RBA). Employment Change, which arrived at 65.2K in December, swung from 28.7K job losses (revised from 21.3K job losses in November, compared with the consensus forecast of 30K. Meanwhile, the Unemployment Rate declined to 4.1% from 4.3% prior, against the market consensus of 4.4%.Sean Crick, head of labour statistics at the ABS, said that this month saw more people aged 15–24 move into employment, contributing to the increase in overall employment and the decline in the unemployment rate.US Dollar weakens ahead of PMI dataThe US Dollar Index (DXY), which measures the value of the US Dollar against six major currencies, is losing ground and trading around 98.30 at the time of writing. The attention will shift to the preliminary reading of the US S&P Global Purchasing Managers Index (PMI), which will be released later on Friday.The US economy grew in Q3 by 4.4%, slightly more than initially reported, bolstered by stronger exports and a smaller drag from inventories. Additionally, the Initial jobless claims came in at 200K last week, below the market consensus of 212K. Personal Spending rose at a solid pace in November, underscoring consumer resilience.US President Donald Trump said he would step back from imposing tariffs on goods from European nations opposing his effort to take possession of Greenland. He said earlier there is “no going back” on his ambitions regarding Greenland, alongside earlier threats to impose new 10% tariffs on eight European Union (EU) countries.President Trump also said that the United States and the North Atlantic Treaty Organization (NATO) had “formed the framework of a future deal regarding Greenland.” However, he did not outline the parameters of the so-called framework, and it remained unclear what the agreement would entail.US labor market data has pushed back expectations for further Federal Reserve (Fed) rate cuts until June. Fed officials have signaled little urgency to ease policy further until there is clearer evidence that inflation is sustainably moving toward the 2% target. Morgan Stanley analysts revised their 2026 outlook, now forecasting one rate cut in June followed by another in September, compared with their previous expectation of cuts in January and April.The People’s Bank of China (PBOC), China's central bank, announced on Tuesday that it would leave its Loan Prime Rates (LPRs) unchanged. The one-year and five-year LPRs were at 3.00% and 3.50%, respectively. It is essential to note that any changes in the Chinese economy could impact the Australian Dollar, as both countries are close trading partners.The International Monetary Fund (IMF) has urged the RBA to remain cautious, highlighting that inflation has stayed above the Bank’s 2%–3% target band for a prolonged period, even though headline CPI eased more quickly than anticipated in November.Australia’s TD-MI Inflation Gauge, released on Monday, rose to 3.5% year-over-year (YoY) in December, up from 3.2% previously. On a monthly basis, inflation surged 1.0% month-over-month (MoM) in December 2025, the fastest pace since December 2023 and a sharp acceleration from 0.3% in the prior two months.RBA policymakers acknowledged that inflation has eased significantly from its 2022 peak, though recent data suggests renewed upward momentum. Headline CPI slowed to 3.4% YoY in November, the lowest reading since August, but remains above the RBA’s 2–3% target band. Meanwhile, trimmed mean CPI edged down to 3.2% from October’s eight-month high of 3.3%.Australian Dollar rises to near 0.6850 barrier above upper ascending channel boundaryThe AUD/USD pair is trading around 0.6850 on Friday. Daily chart analysis indicates that the pair is rising above the ascending channel pattern, indicating a persistent bullish bias. Moreover, the nine-day Exponential Moving Average (EMA) rises above the 50-day EMA, with the spot price holding above both and reinforcing a bullish tone. This alignment keeps upside pressure in place. The 14-day Relative Strength Index (RSI) at 74.96 is overbought, signaling stretched momentum.The daily close above the channel would lead the AUD/USD pair to approach 0.6942, the highest level since February 2023. On the downside, the primary support lies at the nine-day EMA at 0.6762. A break below the short-term average would weaken the price momentum and target the lower ascending channel boundary at 0.6680, followed by the 50-day EMA of 0.6664.AUD/USD: Daily Chart Australian Dollar Price Today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the Japanese Yen. USD EUR GBP JPY CAD AUD NZD CHF USD 0.00% 0.00% 0.14% 0.00% -0.09% -0.14% 0.01% EUR -0.00% -0.00% 0.15% 0.00% -0.09% -0.14% 0.00% GBP -0.00% 0.00% 0.15% 0.00% -0.09% -0.13% 0.00% JPY -0.14% -0.15% -0.15% -0.12% -0.23% -0.28% -0.12% CAD -0.01% -0.01% -0.01% 0.12% -0.10% -0.16% 0.00% AUD 0.09% 0.09% 0.09% 0.23% 0.10% -0.05% 0.13% NZD 0.14% 0.14% 0.13% 0.28% 0.16% 0.05% 0.14% CHF -0.01% -0.01% -0.01% 0.12% -0.00% -0.13% -0.14% 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 Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote). Australian Dollar FAQs What key factors drive the Australian Dollar? One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD. How do the decisions of the Reserve Bank of Australia impact the Australian Dollar? The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive. How does the health of the Chinese Economy impact the Australian Dollar? China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs. How does the price of Iron Ore impact the Australian Dollar? Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD. How does the Trade Balance impact the Australian Dollar? The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.

04:24 Silver Price Forecast: XAG/USD extends record-setting rally to $99.00 amid fresh breakout
Silver (XAG/USD) continues scaling new all-time highs for the second consecutive day and climbs to the $99.00 mark during the Asian session on Friday.

03:49 Japanese Yen remains under pressure amid fiscal worries as BoJ rate decision looms
The Japanese Yen (JPY) remains depressed against its American counterpart during the Asian session on Friday amid domestic political uncertainty and concerns about Japan's fiscal health.

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Apart from this, the prevailing risk-on environment turns out to be another factor that contributes to the safe-haven JPY's relative underperformance ahead of the crucial Bank of Japan (BoJ) interest rate decision. The central bank is widely expected to maintain the status quo after raising the overnight interest rate in December to 0.75%, or the highest in 30 years.Meanwhile, the focus will be on BoJ Governor Kazuo Ueda's remarks during the post-decision press conference, which will be scrutinized for cues about the timing of the next rate hike. Heading into the key central bank event risk, the JPY bears might refrain from placing aggressive bets amid speculations that government authorities might intervene to stem further weakness in the domestic currency. Apart from this, a broadly weaker US Dollar (USD) keeps the USD/JPY pair below a one-week high, around the 159.00 neighborhood, touched on Thursday.Japanese Yen remains on the back foot amid fiscal concerns and ahead of the BoJ rate decisionJapan's Prime Minister Sanae Takaichi will dissolve parliament on Friday ahead of a snap election on February 8, hoping for a stronger mandate to push through her ambitious fiscally expansionary policies.Investors, however, gave a thumbs down to Takaichi’s proposal to cut the 8% food consumption tax for two years, which led to a free fall in government bonds and continues to weigh on the Japanese Yen.Geopolitical tensions eased dramatically after US President Donald Trump announced on Wednesday a potential deal with NATO involving Greenland, further undermining the JPY's safe-haven status.Data released this Friday showed that Japan's National Consumer Price Index fell from the 2.9% YoY rate to 2.1% in December, while CPI excluding fresh food arrived at 2.4% compared to the 3.0% in November.Additional details revealed that the Notional CPI ex Fresh Food, Energy slowed to the 2.9% YoY rate in December from 3.0% in the previous month, though it remains above the Bank of Japan's 2% target.The data reaffirms market expectations of further BoJ policy tightening. Moreover, a private-sector survey showed that Japan's manufacturing activity expanded in January for the first time in seven months.In fact, the S&P Global flash Japan manufacturing PMI rose to 51.5 in January, or its highest level since August 2024. Adding to this, the gauge for the service sector also picked up and rose to 52.8 from 51.1.This holds back the JPY bears from placing aggressive bets as the focus remains glued to the outcome of a two-day BoJ policy meeting. Investors will look for cues about the timing of the next rate hike.Hence, the spotlight will be on BoJ Governor Kazuo Ueda's post-decision presser, which will play a key role in determining the near-term trajectory for the JPY and provide a fresh impetus to the USD/JPY pair.Meanwhile, hawkish BoJ expectations mark a significant divergence in comparison to the growing acceptance that the US Federal Reserve will lower borrowing costs at least two more times this year.Apart from this, the broader de-dollarization trend offsets Thursday's upbeat US data and dragged the US Dollar back closer to a two-week low, which might further contribute to capping the USD/JPY pair.USD/JPY constructive technical setup backs the case for further near-term appreciating moveThe 100-hour Simple Moving Average (SMA) edges higher at 158.16, and the USD/JPY pair holds above it, keeping the near-term tone bullish. The Moving Average Convergence Divergence (MACD) line sits marginally below the Signal line around the zero mark, with a small negative histogram that reinforces a cautious momentum backdrop. The Relative Strength Index (RSI) prints 56, slightly above the midline, suggesting steady buying interest. The ascending channel from 157.35 supports the uptrend, with resistance near 158.91. A decisive break could extend gains.Price action respects the ascending structure, while the 100-period SMA continues to rise at 158.16 and acts as nearby support. The MACD remains below the Signal line and just under the zero level, while the negative histogram contracts, suggesting fading bearish pressure that could give way to renewed upside if momentum improves. RSI improves toward 56 from the mid-40s, aligning with stabilizing buying interest. Initial support stands near the lower channel boundary at 157.96. A failure to hold the channel floor would shift attention to downside risks.(The technical analysis of this story was written with the help of an AI tool.) Economic Indicator BoJ Interest Rate Decision The Bank of Japan (BoJ) announces its interest rate decision after each of the Bank’s eight scheduled annual meetings. Generally, if the BoJ is hawkish about the inflationary outlook of the economy and raises interest rates it is bullish for the Japanese Yen (JPY). Likewise, if the BoJ has a dovish view on the Japanese economy and keeps interest rates unchanged, or cuts them, it is usually bearish for JPY. Read more. Next release: Fri Jan 23, 2026 03:00 Frequency: Irregular Consensus: 0.75% Previous: 0.75% Source: Bank of Japan

03:20 PBOC sets USD/CNY reference rate at 6.9929 vs. 7.0019 previous
On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.9929 compared to the previous day's fix of 7.0019 and 6.9481 Reuters estimate.

03:00 Gold Price Forecast: XAU/USD jumps above $4,950 despite easing US-EU tensions
Gold price (XAU/USD) extends the rally to around $4,950 during the early Asian session on Friday. The precious metal gains momentum as geopolitical risk and threats to the US Federal Reserve’s (Fed) independence boost the safe-haven demand.

02:30 Japan Jibun Bank Services PMI up to 53.4 in January from previous 51.6
Japan Jibun Bank Services PMI up to 53.4 in January from previous 51.6

02:30 Japan Jibun Bank Manufacturing PMI up to 51.5 in January from previous 50
Japan Jibun Bank Manufacturing PMI up to 51.5 in January from previous 50

02:16 USD/JPY posts modest gains to near 158.50 ahead of BoJ rate decision
The USD/JPY pair posts modest gains near 158.45 during the early Asian session on Friday. The Japanese Yen (JPY) softens against the US Dollar (USD) following the release of Japanese inflation data.

02:01 United Kingdom GfK Consumer Confidence meets forecasts (-16) in January
United Kingdom GfK Consumer Confidence meets forecasts (-16) in January

01:47 Japan National CPI ex Food, Energy (YoY) fell from previous 3% to 2.9% in December
Japan National CPI ex Food, Energy (YoY) fell from previous 3% to 2.9% in December

01:31 Japan’s National CPI climbs 2.1% YoY in December, Core CPI rises as expected
Japan’s National Consumer Price Index (CPI) rose by 2.1% YoY in December, compared to the previous reading of 2.9%, according to the latest data released by the Japan Statistics Bureau on Friday.

01:30 Japan National Consumer Price Index (YoY) fell from previous 2.9% to 2.1% in December
Japan National Consumer Price Index (YoY) fell from previous 2.9% to 2.1% in December

01:30 Japan National CPI ex Fresh Food (YoY) meets forecasts (2.4%) in December
Japan National CPI ex Fresh Food (YoY) meets forecasts (2.4%) in December

01:14 NZD/USD rises above 0.5900 as New Zealand inflation beats forecasts
The NZD/USD pair jumps to around 0.5910, the highest since September 17, 2025, during the early Asian session on Friday. The New Zealand Dollar (NZD) strengthens against the US Dollar (USD) after the hotter-than-expected inflation report.

01:03 GBP/JPY Price Forecast: Surges to weekly high as Pound strengthens
The GBP/JPY rallies to a new weekly high of 213.98, up by more than 1.10% in the week, as mixed economic data from the UK, pushed the British Pound higher. Fiscal concerns on PM Takaichi’s plan, undermined the Japanese Yen. The cross-pair trades at 213.85, up 0.58%.

01:00 Bank of Japan expected to hold rates, markets seek clues on further tightening
The Bank of Japan (BoJ) is expected to leave its benchmark interest rate unchanged at 0.75% after concluding its two-day monetary policy meeting next Friday.

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50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}The Bank of Japan is widely expected to keep interest rates unchanged at 0.75% on FridayThe central bank will wait to assess the impact of December’s rate hike before further tightening.February’s general elections add a layer of uncertainty to the bank’s monetary policy.The Bank of Japan (BoJ) is expected to leave its benchmark interest rate unchanged at 0.75% after concluding its two-day monetary policy meeting next Friday.The Japanese central bank hiked rates to its highest level in three decades in December, and will likely stand pat on Friday to better assess the economic consequences of previous rate hikes.BoJ Governor Kazuo Ueda is expected to reiterate the bank’s commitment to further monetary policy normalisation. In that sense, investors will analyze Ueda’s press conference with particular attention for further insight into the timing and the scope of the bank’s tightening cycle.What to expect from the BoJ interest rate decision?The BoJ is widely expected to keep interest rates unchanged in January and hint at further monetary policy tightening if the economy evolves in line with the bank’s projections.In December, the bank’s monetary policy committee approved a 25 basis points rate hike to the current 0.75% level, and the minutes of the meeting revealed that some policymakers see the need for further monetary tightening, as real interest rates remain deeply negative, taking inflation into account.A back-to-back rate hike, however, is completely discarded by the market. More so after Prime Minister Sanae Takaichi’s unexpected call for snap elections earlier this week and her plans to suspend taxes on food and beverages for two years, aiming to help households coping wth the rising inflationary trends.It is still unclear what impact these actions will have on the central bank’s monetary policy, but the BoJ plans to gradually normalize its monetary policy and remove the monetary stimulus measures without damaging economic growth. Against this backdrop, the bank will opt to wait until the political scenario clarifies and the consequences of previous rate hikes manifest before tightening its monetary policy further.The Yen, on the other hand, has been depreciating steadily since market speculation about a snap election arose. It will be interesting to see whether JPY weakness has prompted the central bank to adopt a less ambivalent stance towards monetary tightening.How could the Bank of Japan's monetary policy decision affect USD/JPY?Investors are fully pricing a BoJ rate pause on Friday, but the bank will need to make a clear commitment towards a further monetary tightening cycle to stem the current Yen depreciation. Yen bears have taken a breather over the last few days, favoured by broad-based US Dollar weakness, amid the European Union (EU)-US trade rift after President Donald Trump’s threats to annex Greenland. USD/JPY, however, remains about 0.7% up on the year and relatively close to the 18-month high near 159.50 hit last week.Investors fear that Prime Minister Takaichi might gain a stronger parliamentary support after the elections to expand her policy of big spending and lower taxes, adding pressure on the country’s strained public finances. This has sent the Yen tumbling and long-term Japanese yields rallying to record highs, amid fears of an upcoming fiscal crisis.Recent comments by BoJ Governor Ueda have reaffirmed the bank’s gradual monetary-tightening rhetoric, indicating that Japan is moving toward a more durable inflation regime, with a mechanism in place for wages and prices to rise in tandem. The Yen will need clear signs of rate hikes ahead to extend a hitherto fragile recovery.USD/JPY 4-Hour Chart
From a technical perspective, Guillermo Alcalá, analyst at FXStreet, sees the USD/JPY pair on a bearish correction, with key support above the 157.40 area: “The pair has retreated from highs, but Yen bulls would need to break the support area between 157.40 and 157,60, to cancel the near-term bullish structure and aim for the early January lows, around 156.20.”A hesitant BoJ message would disappoint markets and undermine support for the Yen. In that case, Alcalá sees the pair reaching fresh long.-term highs: “Technical indicators are turning positive. The 4-Hour RGI has bounced up from the 50 line, highlighting a stronger bullish momentum. The pair is testing resistance at 158.70 (January 16 high) at the time of writing, which is the last barrier before the 18-month high near 159.50.” Economic Indicator BoJ Interest Rate Decision The Bank of Japan (BoJ) announces its interest rate decision after each of the Bank’s eight scheduled annual meetings. Generally, if the BoJ is hawkish about the inflationary outlook of the economy and raises interest rates it is bullish for the Japanese Yen (JPY). Likewise, if the BoJ has a dovish view on the Japanese economy and keeps interest rates unchanged, or cuts them, it is usually bearish for JPY. Read more. Next release: Fri Jan 23, 2026 03:00 Frequency: Irregular Consensus: 0.75% Previous: 0.75% Source: Bank of Japan Japanese Yen FAQs What key factors drive the Japanese Yen? The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen. How does the differential between Japanese and US bond yields impact the Japanese Yen? Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential. How does broader risk sentiment impact the Japanese Yen? The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.

00:21 Australia's S&P Global Manufacturing PMI rises to 52.4 in January
The preliminary reading of Australia's S&P Global Manufacturing Purchasing Managers Index (PMI) came in at 52.4 in January versus 51.6 prior, the latest data published by S&P Global showed on Friday.

00:14 New Zealand’s CPI inflation rises to 3.1% YoY in Q4, vs 3.0% expected
New Zealand’s Consumer Price Index (CPI) climbed 3.1% YoY in the fourth quarter (Q4) of 2025, compared with the 3.0% increase seen in the third quarter, according to the latest data published by Statistics New Zealand on Friday. The market consensus was for a growth of 3.0% in the reported period

00:11 Australia S&P Global Manufacturing PMI increased to 52.4 in January from previous 51.6
Australia S&P Global Manufacturing PMI increased to 52.4 in January from previous 51.6

00:01 Australia S&P Global Composite PMI climbed from previous 51 to 55.5 in January
Australia S&P Global Composite PMI climbed from previous 51 to 55.5 in January

00:00 Australia S&P Global Services PMI increased to 56 in January from previous 51.1
Australia S&P Global Services PMI increased to 56 in January from previous 51.1

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12:59 USD/JPY holds losses near 158.00 amid growing intervention rumours The US Dollar is trading near the 158.00 level against the Japanese Yen at the time of writing, after pulling back from session highs above 159.20.

12:22 Silver Price Forecasts: XAG/USD stalls below the $100.00 psychological level Silver (XAG/USD) hit a fresh all-time high at $99.39 earlier on Friday, before pulling back to levels around $98.25 at the time of writing.

12:03 JPY: BoJ upgrades outlook but Yen reaction muted – ING Despite the Bank of Japan (BoJ) revising up growth and inflation forecasts, political and fiscal risks are dominating yen dynamics and muting the usual USD/JPY response, ING's FX analyst Chris Turner notes.

11:54 GBP/USD may not have enough steam to break above 1.3570 – UOB Group The risk for Pound Sterling (GBP) remains on the upside; it is unclear whether momentum is strong enough to break above 1.3570, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

11:32 Silver price today: Silver rises, according to FXStreet data Silver prices (XAG/USD) rose on Friday, according to FXStreet data. Silver trades at $97.83 per troy ounce, up 1.77% from the $96.13 it cost on Thursday.

11:30 United Kingdom S&P Global Services PMI came in at 54.3, above expectations (51.7) in January United Kingdom S&P Global Services PMI came in at 54.3, above expectations (51.7) in January

11:30 United Kingdom S&P Global Composite PMI above expectations (51.7) in January: Actual (53.9) United Kingdom S&P Global Composite PMI above expectations (51.7) in January: Actual (53.9)

11:30 United Kingdom S&P Global Manufacturing PMI up to 51.6 in January from previous 50.6 United Kingdom S&P Global Manufacturing PMI up to 51.6 in January from previous 50.6

11:00 Eurozone HCOB Services PMI below expectations (52.8) in January: Actual (51.9) Eurozone HCOB Services PMI below expectations (52.8) in January: Actual (51.9)

11:00 Eurozone HCOB Composite PMI below forecasts (51.6) in January: Actual (51.5) Eurozone HCOB Composite PMI below forecasts (51.6) in January: Actual (51.5)

11:00 Eurozone HCOB Manufacturing PMI above expectations (49) in January: Actual (49.4) Eurozone HCOB Manufacturing PMI above expectations (49) in January: Actual (49.4)

10:58 Pound Sterling rises as UK Retail Sales unexpectedly return to growth The Pound Sterling (GBP) attracts bids against its major currency peers as the United Kingdom (UK) Retail Sales figures have grown in December, after contracting in the last two months.

10:56 AUD/JPY retreats from 109.00 as "rate check" by Japan's Finance Ministry lifts JPY The AUD/JPY cross retreats nearly 130 pips from the highest level since July 2024, around the 109.00 mark touched earlier this Friday, though the pullback lacks follow-through.

10:35 EUR/USD drifts away from highs ahead of flash PMIs EUR/USD posts moderate losses, trading near 1.1730 at the time of writing on Friday, but holding most of the previous day's gains and on track for its strongest weekly performance since June.

10:30 Germany HCOB Manufacturing PMI above expectations (48) in January: Actual (48.7) Germany HCOB Manufacturing PMI above expectations (48) in January: Actual (48.7)

10:30 Germany HCOB Composite PMI registered at 52.5 above expectations (51.8) in January Germany HCOB Composite PMI registered at 52.5 above expectations (51.8) in January

10:30 Germany HCOB Services PMI came in at 53.3, above expectations (53) in January Germany HCOB Services PMI came in at 53.3, above expectations (53) in January

10:15 France HCOB Manufacturing PMI came in at 51, above expectations (50.3) in January France HCOB Manufacturing PMI came in at 51, above expectations (50.3) in January

10:15 France HCOB Services PMI came in at 47.9, below expectations (50.5) in January France HCOB Services PMI came in at 47.9, below expectations (50.5) in January

10:15 France HCOB Composite PMI below expectations (50.1) in January: Actual (48.6) France HCOB Composite PMI below expectations (50.1) in January: Actual (48.6)

10:13 NZD/USD moves away from four-month high, dips below 0.5900 amid modest USD bounce The NZD/USD pair extends its steady intraday descent from the 0.5930 area, or a four-month high touched earlier this Friday, and slides to a fresh daily low during the first half of the European session.

10:03 EUR/JPY retreats below 186.00 as BoJ's Ueda speaks The Euro has pulled back from record highs near 187.00 to trade at 185.60 at the time of writing, with all Yen crosses whipsawing following Bank of Japan's (BoJ) Governor Ueda's press conference.

09:45 France Business Climate in Manufacturing came in at 105, above expectations (101) in January France Business Climate in Manufacturing came in at 105, above expectations (101) in January

09:33 Forex Today: BoJ keeps policy rate unchanged, Gold rises toward $5,000 Here is what you need to know on Friday, January 23:

09:27 When is the UK Services PMI and how could it affect GBP/USD? The United Kingdom (UK) docket has the preliminary Purchasing Managers’ Index (PMI) data for January to be released by the S&P Global on Friday, later this session at 09:30 GMT.

09:00 United Kingdom Retail Sales ex-Fuel (MoM) came in at 0.3%, above expectations (-0.2%) in December United Kingdom Retail Sales ex-Fuel (MoM) came in at 0.3%, above expectations (-0.2%) in December

09:00 United Kingdom Retail Sales (YoY) came in at 2.5%, above forecasts (1%) in December United Kingdom Retail Sales (YoY) came in at 2.5%, above forecasts (1%) in December

09:00 United Kingdom Retail Sales (MoM) registered at 0.4% above expectations (-0.1%) in December United Kingdom Retail Sales (MoM) registered at 0.4% above expectations (-0.1%) in December

09:00 United Kingdom Retail Sales ex-Fuel (YoY) came in at 3.1%, above forecasts (1.4%) in December United Kingdom Retail Sales ex-Fuel (YoY) came in at 3.1%, above forecasts (1.4%) in December

08:52 Silver Price Forecast: XAG/USD hits fresh record highs above $99.00 Silver price (XAG/USD) extends its gains for the second successive session, trading around $99.10 per troy ounce during the Asian hours on Friday.

08:32 When are the German/ Eurozone flash HCOB PMIs and how could they affect EUR/USD? The preliminary German and Eurozone flash HCOB Purchasing Managers’ Index (PMI) data for January is due for release today at 08:30 and 09:00 GMT, respectively.

07:56 USD/INR trades firmly near lifetime highs ahead of extended weekend in India The Indian Rupee (INR) holds onto weekly losses against the US Dollar (USD) at open on Friday. The USD/INR pair trades close to its all-time high of 92.00 posted on Wednesday.

07:56 AUD/JPY Price Forecast: Strengthens above 108.50, RSI signals overbought conditions The AUD/JPY cross gathers strength to near 108.55 during the early European session on Friday. The Japanese Yen weakens against the Australian Dollar (AUD) after the Bank of Japan (BoJ) interest rate decision.

07:29 India HSBC Composite PMI increased to 59.5 in January from previous 57.8 India HSBC Composite PMI increased to 59.5 in January from previous 57.8

07:28 India HSBC Manufacturing PMI climbed from previous 55 to 56.8 in January India HSBC Manufacturing PMI climbed from previous 55 to 56.8 in January

07:28 India HSBC Services PMI increased to 59.3 in January from previous 58 India HSBC Services PMI increased to 59.3 in January from previous 58

07:11 When are the UK Retail Sales and how could they affect GBP/USD? The United Kingdom (UK) docket has the Retail Sales data for December to be released by the Office for National Statistics (ONS) on Friday, later this session at 07:00 GMT.

07:00 Singapore Consumer Price Index (YoY) in line with forecasts (1.2) in December Singapore Consumer Price Index (YoY) in line with forecasts (1.2) in December

06:46 Gold record-setting rally remains uninterrupted for fifth day amid Fed rate cut bets Gold (XAU/USD) prolongs its weekly uptrend and advances to a fresh all-time peak, around the $4,967 region, during the Asian session on Friday.

06:35 India Gold price today: Gold rises, according to FXStreet data Gold prices rose in India on Friday, according to data compiled by FXStreet.

06:25 EUR/USD Price Forecast: Remains near 1.1750 barrier, upper descending channel boundary EUR/USD edges lower after registering over 0.5% gains in the previous session, trading around 1.1740 during the Asian hours on Friday.

05:18 GBP/JPY trades firmly near multi-year high while BoJ holds interest rates steady at 0.75% The GBP/JPY pair trades close to its multi-year high of 214.30 during Friday’s Asian trading session, while the Bank of Japan (BoJ) has kept interest rates steady at 0.75%.

05:07 Japan BoJ Interest Rate Decision in line with forecasts (0.75%) Japan BoJ Interest Rate Decision in line with forecasts (0.75%)

04:47 RBNZ’s Breman vows to return inflation to the midpoint Reserve Bank of New Zealand (RBNZ) Governor Anna Breman said on Friday that the central bank remains committed to returning inflation to the 2% midpoint.

04:29 Australian Dollar strengthens following PMI data The Australian Dollar inches higher against the US Dollar (USD) on Friday, remaining in the positive territory for the second consecutive day.

04:24 Silver Price Forecast: XAG/USD extends record-setting rally to $99.00 amid fresh breakout Silver (XAG/USD) continues scaling new all-time highs for the second consecutive day and climbs to the $99.00 mark during the Asian session on Friday.

03:49 Japanese Yen remains under pressure amid fiscal worries as BoJ rate decision looms The Japanese Yen (JPY) remains depressed against its American counterpart during the Asian session on Friday amid domestic political uncertainty and concerns about Japan's fiscal health.

03:20 PBOC sets USD/CNY reference rate at 6.9929 vs. 7.0019 previous On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.9929 compared to the previous day's fix of 7.0019 and 6.9481 Reuters estimate.

02:30 Japan Jibun Bank Services PMI up to 53.4 in January from previous 51.6 Japan Jibun Bank Services PMI up to 53.4 in January from previous 51.6

02:30 Japan Jibun Bank Manufacturing PMI up to 51.5 in January from previous 50 Japan Jibun Bank Manufacturing PMI up to 51.5 in January from previous 50

02:16 USD/JPY posts modest gains to near 158.50 ahead of BoJ rate decision The USD/JPY pair posts modest gains near 158.45 during the early Asian session on Friday. The Japanese Yen (JPY) softens against the US Dollar (USD) following the release of Japanese inflation data.

02:01 United Kingdom GfK Consumer Confidence meets forecasts (-16) in January United Kingdom GfK Consumer Confidence meets forecasts (-16) in January

01:47 Japan National CPI ex Food, Energy (YoY) fell from previous 3% to 2.9% in December Japan National CPI ex Food, Energy (YoY) fell from previous 3% to 2.9% in December

01:31 Japan’s National CPI climbs 2.1% YoY in December, Core CPI rises as expected Japan’s National Consumer Price Index (CPI) rose by 2.1% YoY in December, compared to the previous reading of 2.9%, according to the latest data released by the Japan Statistics Bureau on Friday.

01:30 Japan National Consumer Price Index (YoY) fell from previous 2.9% to 2.1% in December Japan National Consumer Price Index (YoY) fell from previous 2.9% to 2.1% in December

01:30 Japan National CPI ex Fresh Food (YoY) meets forecasts (2.4%) in December Japan National CPI ex Fresh Food (YoY) meets forecasts (2.4%) in December

01:00 Bank of Japan expected to hold rates, markets seek clues on further tightening The Bank of Japan (BoJ) is expected to leave its benchmark interest rate unchanged at 0.75% after concluding its two-day monetary policy meeting next Friday.

00:21 Australia's S&P Global Manufacturing PMI rises to 52.4 in January The preliminary reading of Australia's S&P Global Manufacturing Purchasing Managers Index (PMI) came in at 52.4 in January versus 51.6 prior, the latest data published by S&P Global showed on Friday.

00:11 Australia S&P Global Manufacturing PMI increased to 52.4 in January from previous 51.6 Australia S&P Global Manufacturing PMI increased to 52.4 in January from previous 51.6

00:01 Australia S&P Global Composite PMI climbed from previous 51 to 55.5 in January Australia S&P Global Composite PMI climbed from previous 51 to 55.5 in January

00:00 Australia S&P Global Services PMI increased to 56 in January from previous 51.1 Australia S&P Global Services PMI increased to 56 in January from previous 51.1

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