Forex Today: US data and Trump dictate the sentiment in the FX galaxy

Pablo Piovano FXStreet

The US Dollar regained some balance and managed to set aside part of the weekly pullback as market participants continued to assess headlines around Trump 2.0.

Here is what you need to know on Thursday, January 23:

The US Dollar Index (DXY) clawed back some gains, although a move above the 108.00 hurdle appeared elusive for the time being. The usual weekly initial Jobless Claims take centre stage, seconded by the EIA’s report on US crude oil inventories.

EUR/USD’s upside momentum lost some impetus in the area of multi-week peaks north of 1.0400 the figure. The European Commission will publish its advanced Consumer Confidence gauge for the month of January.

GBP/USD traded on the back foot in response to the modest uptick in the Greenback. The CBI Business Optimism Index and the CBI Industrial Trends Orders will be in the spotlight.

USD/JPY maintained its weekly choppiness well in place, this time surpassing the 156.00 barrier as investors kept warming up for the BoJ meeting on January 24. The Balance of Trade results come next, followed by weekly Foreign Bond Investment prints.

Another inconclusive session left AUD/USD hovering around the vicinity of the key 0.6300 area. The preliminary S&P Global Manufacturing and Services PMIs will grab all the attention in Oz.

Prices of WTI extended their leg lower and flirted once again with the $75.00 region per barrel as investors continued to adjust to Trump’s policies.

Prices of Gold advanced for the third session in a row, surpassing $2,760 per ounce troy amid persistent uncertainty surrounding President Trump’s announcements. Silver prices met some selling pressure after faltering just ahead of the key $31.00 mark per ounce.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.

Week ahead: US CPI might challenge the geopolitics-boosted Dollar

Geopolitics may try to steal the limelight from US data. A possible US Supreme Court ruling on tariffs could dictate market movements. Dollar strength might be tested if investors refocus on Fed expectations. A crammed data calendar next week, US CPI comes on Tuesday; Fedspeak to intensify. Euro weakness persists, lingering risk of deterioration in US-EU relations.

Week ahead – US CPI might challenge the geopolitics-boosted Dollar

Geopolitics may try to steal the limelight from US data. A possible US Supreme Court ruling on tariffs could dictate market movements. A crammed data calendar next week, US CPI comes on Tuesday; Fedspeak to intensify.

XRP trades under pressure amid weak retail demand

XRP presses down on the 50-day EMA support as risk-averse sentiment spreads despite a positive start to 2026. XRP faces declining retail demand, as reflected in futures Open Interest, which has fallen to $4.15 billion.