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January 20, 2026
FX Daily Strategy: Asia, January 21st
January 20, 2026 10:00 PM UTC
UK CPI expected to show a small rise in December
GBP to remain under some pressure due to risk negative tone
USD unlikely to recover unless some progress is seen on Greenland
JPY weakness is illogical but needs BoJ intervention if it is to reverse
Preview: Due January 30 - U.S. December PPI - Rebound in trade to bring an above trend month
January 20, 2026 6:07 PM UTC
Despite signs in the CPI that inflationary pressure has slowed in Q4, we expect December PPI to show above trend gains of 0.4% both overall and ex food and energy. Ex food energy and trade however we expect a moderate gain of 0.2%, which would match November’s outcome in that series.
Preview: Due January 29 - U.S. November Trade Balance - Narrower October deficit looks unsustainable
January 20, 2026 5:03 PM UTC
We expect a November trade deficit of $47.0bn, up from October’s $29.35bn which was the lowest since June 2009 and which looks unsustainably low, but still slightly narrower than September’s $48.14bn, which was itself the narrowest since March 2020.
FX Daily Strategy: APAC, January 21st
January 20, 2026 4:00 PM UTC
UK CPI expected to show a small rise in December
GBP to remain under some pressure due to risk negative tone
USD unlikely to recover unless some progress is seen on Greenland
JPY weakness is illogical but needs BoJ intervention if it is to reverse
Bank of Canada Preview for January 28: Rate level still appropriate but uncertainty high
January 20, 2026 3:24 PM UTC
The Bank of Canada looks highly likely to leave rates unchanged at 2.25% on January 28 and reiterate that rates are at about the right level if the economy evolves as expected, while adding that uncertainty remains elevated. We expect that the next BoC move will be a modest tightening, but this will
FX Daily Strategy: N America, January 20th
January 20, 2026 9:54 AM UTC
UK labour market data may indicate potential for more BoE easing
Scope for GBP to decline against the EUR even on current yield spreads
Greenland uncertainty may favour the JPY
Supreme Court decision on tariffs becomes more important