The share of consumers saying jobs are "hard to get" rose to a post-pandemic high. That took the labor differential (plentiful minus hard-to-get) to a post-pandemic low. Fold in write-in responses about cost of living and wars, and January consumer confidence fell to its lowest in a decade.
Author
Wells Fargo Research Team
Wells Fargo
EUR/USD carried over Monday’s momentum, pushing up toward the proximity of the key 1.2000 area, a level not seen since June 2021. The ongoing leg higher reflects continued selling pressure on the US Dollar, with the broader risk backdrop still supportive and investors once again zeroing in on tariff-related risks coming out of the White House.
GBP/USD continues to grind higher on Tuesday, climbing toward the 1.3800 handle and setting fresh multi-month highs as broad-based US Dollar weakness remains the dominant theme prior to Wednesday’s FOMC event.
Gold is holding onto a positive tone, reclaiming the area near $5,100 per troy ounce and maintaining its uptrend well in place for yet another day on Tuesday. The yellow metal continues to draw support from a soft US Dollar, as well as lingering uncertainty around trade policy and wider geopolitical risks, all preceding the Fed’s interest rate decision.
Bitcoin (BTC) trades near $88,000 at press time on Tuesday, after reaching an intraday high of $89,010, and reflects an ease in buying pressure after Monday’s 2% rise.
US President Donald Trump ramped up trade tensions with South Korea yesterday after stating that Seoul is ‘not living up to its deal with the US’, as shown below via his Truth Social platform.
Ripple (XRP) is trading around $1.88 at the time of writing on Tuesday, correcting from the previous day’s high of $1.95. The cross-border remittance token remains under immense pressure amid a weak technical structure.
