Americas Insights

January 15, 2026

USD/JPY flows: One way traffic

January 15, 2026 5:54 AM UTC

BOJ Ueda reiterates sustained wage–price cycle, signals further rate hikes if forecasts hold
Bessent warns on excessive FX volatility in talks with Japan, urges sound communication

FX Daily Strategy: Europe, January 15th

January 15, 2026 5:44 AM UTC

JPY may get a brief reprieve but intervention still likely to be needed
GBP downside risks on GDP
USD firm and unlikely to be derailed by data

AUD/USD flows: Metal falls

January 15, 2026 3:33 AM UTC

Trump says he spoke with Venezuela’s interim president on oil, minerals and security

Chart GBP/USD Update: Extend consolidation within 1.3500/1.3400 range

January 15, 2026 1:22 AM UTC

Little change, as prices extend consolidation above the 1.3400/1.3390 support

Chart EUR/USD Update: Consolidating, but room for lower

January 15, 2026 1:14 AM UTC

Extend consolidation above support at the 1.1615/00 area but pressure remains on the downside

Chart USD/JPY Update: Consolidating gains to fresh high at 159.45

January 15, 2026 12:49 AM UTC

Break above the 2025 year high at 158.88 reached fresh high at 159.45 before giving way to selling pressure

Chart NZD/USD Update: Consolidating, room for lower later

January 15, 2026 12:31 AM UTC

Little change, as prices extend consolidation above the .5711 low of last week

Chart AUD/USD Update: Range-bound in choppy trade

January 15, 2026 12:18 AM UTC

Range-bound in choppy trade as prices extend consolidation above the .6660 support

January 14, 2026

FX Daily Strategy: Asia, January 15th

January 14, 2026 10:00 PM UTC

JPY may get a brief reprieve but intervention still likely to be needed
GBP downside risks on GDP
USD firm and unlikely to be derailed by data

North American Summary and Highlights 14 Jan

January 14, 2026 8:57 PM UTC

Overview - The USD saw some movement but was little changed at the end of the day.

Preview: Due January 22 - U.S. Final (Second) Estimate Q3 GDP - Marginally stronger still

January 14, 2026 8:12 PM UTC

We expect a marginal upward revision to Q3 GDP to 4.4% from an already strong 4.3%. The only component we are expecting a revision to is inventories, on an upward revision to September retail inventories led by autos.

U.S. Fed Beige Book Summary - Improved from last three reports, some tariff pass-through

January 14, 2026 7:12 PM UTC

The latest Fed Beige Book is unlikely to revive hopes for a January easing, with a slightly more positive picture on activity and some signs that tariff costs are being passed on.

U.S. Fed's Kashkari - Next Fed Chair will have to win the argument

January 14, 2026 6:23 PM UTC

Fed's Kashkari is making it clear that the FOMC voters will not automatically follow the lead of the next Chair.

Preview: Due January 22 - U.S. October and November Personal Income and Spending - Heading for annualized Q4 gains a little above 2.0%

January 14, 2026 5:51 PM UTC

January 22 will see a personal income and spending report for both October and November. We expect personal income to rise by 0.4% in October and 0.5% in November and personal spending to rise by 0.2% in October and 0.5% in November. For core PCE prices, we expect gains of 0.2% in October and 0.1%

U.S. Fed's Bostic - Still need restrictive policy

January 14, 2026 5:27 PM UTC

Fed's Bostic is sounding quite hawkish, with Kashkari reiterating a similar message.

Chart USD/CAD Update: Consolidating

January 14, 2026 5:05 PM UTC

Still little change, as prices extend cautious trade

FX Daily Strategy: APAC, January 15th

January 14, 2026 3:57 PM UTC

JPY may get a brief reprieve but intervention still likely to be needed
GBP downside risks on GDP
USD firm and unlikely to be derailed by data

U.S. December Existing Home Sales - Responding to Fed easing

January 14, 2026 3:13 PM UTC

December existing home sales have seen a strong 5.1% increase to 4.35m, this the strongest of four straight gains and the highest level since February 2022.

Chart AUD/USD Update: Limited downside tests

January 14, 2026 2:40 PM UTC

Still little change, as the break below 0.6700 gives way to fresh consolidation above congestion support at 0.6650

Chart USD/JPY Update: Sharp pullback from fresh multi-year high

January 14, 2026 2:16 PM UTC

The break above the 158.88 year high of 10 January 2025 has been pushed back sharply from 159.45

U.S. Retail Sales and PPI over October and November not far from expectations

January 14, 2026 2:15 PM UTC

November retail sales with a rise of 0.6% are marginally stronger than expected but the data is close to expectations net of modest negative back month revisions. PPI has been released for both October and November, also net in line with expectations, with October on the firm side in the core rate f

USD flows: Data neutral, some negative event risk

January 14, 2026 2:00 PM UTC

Retial sale sand CPI much as expected, but consistent with a strong US Q4. Geopolitics and the Supreme Court could have an impact

Chart EUR/CAD Update: Cautious trade - studies under pressure

January 14, 2026 12:12 PM UTC

Little change, as prices extend cautious/choppy trade within the 1.6150 - 1.6200 range

DM Government Debt: 2026 Supply & Voters’ Resistance To Fiscal Consolidation

January 14, 2026 11:55 AM UTC

· We see the most persistent issue being supply (budget deficit + QT) in 2026, which should lessen into 2027 with a slowdown in ECB/BOE QT and a partial U turn by the BOJ. However, governments are also struggling with electorates that are resistant to higher taxes or lower governmen

Psychology for major markets Jan 14

January 14, 2026 11:26 AM UTC

USD still firm but gains have slowed on Fed independence talk. JPY remains weak despite intervention threat