FOMC Preview for January 28: No change with early 2026 data awaited

January 22, 2026 6:42 PM UTC

The FOMC meets on January 28 and rates look set to be left at 3.5-3.75%, and while rates are likely to move lower in 2026, they are unlikely to give many hints over what is likely in March, with future decisions dependent on data. The FOMC will not update its economic forecasts or dots at this meeti

Due to Risks, CBRT Continued Easing Cycle with 100 Bps Cut on January 22

January 22, 2026 12:52 PM UTC

Bottom Line: As we expected, Central Bank of Turkiye (CBRT) reduced the policy rate to 37% during the MPC meeting on January 22, indicating a cautious progress since a slower rate cut than December. With the bank committed to disinflation towards its 5% target, CBRT will likely proceed carefully on

North American Summary and Highlights 21 Jan

January 21, 2026 8:46 PM UTC

Overview - Risk appetite related to Greenland bounced as Trump first stated he would not use force to acquire it and later backed off tariffs due on February 1. The USD picked up as risk appetite firmed.  

Trump on Greenland and the Fed

January 21, 2026 4:12 PM UTC

Trump has provided some relief to markets by stating that he will not take Greenland by force, though his tone towards Europe remains hostile, suggesting that he will impose tariffs, which may receive a limited European response. Separately Trump stated he would announce a new Fed Chair soon.

FX Daily Strategy: Asia, January 22nd

January 21, 2026 4:00 PM UTC

Australia Headline Employment Chops
U.S. Q3 GDP still Marginally stronger 
U.S. Personal Income and Spending Heading for gains 
New Zealand CPI Remain Above Target Range

South Africa Inflation Moderately Surged to 3.6% y/y in December

January 21, 2026 12:29 PM UTC

Bottom Line: Statistics South Africa (Stats SA) announced on January 21 that annual inflation edged up moderately to 3.6% y/y in December from 3.5% the previous month due to higher housing and utilities; and insurance and financial services prices. The change in the consumer price index (CPI) betwe

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: Europe, January 20th

January 20, 2026 5:33 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