Investors dismiss Trump moves against Powell

Chris Beauchamp IG

Not even a fresh broadside from the US administration against the Fed can stop this market rally, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

Stocks shrug off Trump-Powell brouhaha

US futures looked decidedly shaky overnight but the ‘Great Trump v Powell Panic of 2026’ has been brushed aside. Thin overnight markets meant that the reaction was overdone, with investors betting that the investigation will make little headway. In any case, Powell leaves in May and it is likely that the investigation becomes strangely unnecessary after that. It is notable that the VIX has been hit hard for the second time in a week; markets are focusing more on earnings season than on some further drama in Washington’

Gold and silver at new record

Trump’s move against Powell pulled the rug from underneath the dollar, and has lit a fire underneath gold and silver. The year is barely two weeks old, but it seems to be giving investors plenty of reasons to put money in precious metals, providing a safe haven from the multiple crises around the globe as well as giving them tremendous upside momentum, a winning combination in markets.

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Chris Beauchamp

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

RBNZ set to pause interest-rate easing cycle as new Governor Breman faces firm inflation

The Reserve Bank of New Zealand remains on track to maintain the Official Cash Rate at 2.25% after concluding its first monetary policy meeting of this year on Wednesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.