January 2026 in Figures – Currency Thoughts
January 2026 in Figures
January 31, 2026
The most spectacular financial market changes last month involved precious metals, whose prices posted impressive net gains despite enormous sell-offs on the final trading day of the month. At record peaks of $121.79 per ounce for silver and $5,626.8 for gold, those metal had accrued gains of 72% and almost 30%, but closed with net advances of 10.9% and 9.3%. The volatility was fed by the perceived abandonment by the United States of the geopolitical role it played during the past eight decades. Oil prices also got a big lift after U.S. special ops forces toppled Venezuela’s president.
The dollar’s broad losses during 2025 were extended appreciably in the first month of 2026. It fell against a broad range of other paper currencies and precious metals but gained back some ground against crypto.
None of the central banks featured in the table below changed policy interest rates during January, and the number of other central bank rate changes in January was smaller than seen in much of last year. Four examples that did make changes last month were central banks in Turkey (a 100 basis point cut to 37.0%), Ukraine (a 50 bp reduction to 15.0%), Israel (a 25 bp cut to 4.0%) and Colombia (a 100 basis point hike to 10.5%).
Ten-year sovereign debt yields that fell slightly last month included those in Switzerland, Germany and Canada. The U.S. Treasury and British gilt yields increased eight and five basis point in January, but it was in Japan (+19 bps) where the most significant 10-year rate change among those shown in the table below occurred. Yen softness and the elevation of the 10-year JGB yield became increasing concerns of officials at the Bank of Japan. Despite speculation of possible imminent intervention support, none was detected.
After many delays, President Trump finally revealed his selection to be the next Fed Chairman, Kevin Warsh who served earlier on the Board of Governors from 2006 until 2011. Assuming Warsh secures senate approval, he would not join the Fed this second time until mid-May and participate in an FOMC policy review until the one scheduled for mid-June.
| 10-Yr Yield | 12/31/25 | 01/30/26 | January Chg |
| U.S. | 4.17% | 4.25% | +8 basis points |
| Germany | 2.85% | 2.84% | -1 |
| Japan | 2.05% | 2.24% | +19 |
| U.K. | 4.47% | 4.52% | +5 |
| Canada | 3.43% | 3.42% | -1 |
| Switzerland | 0.23% | 0.18% | -5 |
| CB Policy Rate | 12/31/25 | 01/30/26 | January Chg |
| Fed funds target | 3.50/3.75% | 3.50/3.75% | 0 Basis Points |
| ECB deposit rate | 2.00% | 2.00% | 0 |
| BOJ policy rate | +0.75% | +0.75% | 0 |
| BOE Bank Rate | 3.75% | 3.75% | 0 |
| Swiss Policy Rate | 0.0% | 0 | 0 |
| FX | 12/31/25 | 01/30/26 | Change in $ |
| EUR/USD | 1.1744 | 1.1853 | -0.9% |
| USD/JPY | 156.79 | 154.76 | -1.3% |
| USD/CHF | 0.7930 | 0.7730 | -2.5% |
| GBP/USD | 1.3466 | 1.3683 | -1.6% |
| AUD/USD | 0.6674 | 0.6963 | -4.2% |
| NZD/USD | 0.5753 | 0.6021 | -4.5% |
| USD/CAD | 1.3721 | 1.3617 | -0.8% |
| USD/CNY | 6.9934 | 6.9518 | +0.6% |
| Equities | 12/31/25 | 01/30/26 | January Chg |
| S&P 500 | 6845 | 6936 | +1.3% |
| Nasdaq | 23242 | 23462 | +0.9% |
| Djia | 48063 | 48892 | +1.7% |
| Dax | 24490 | 24439 | -0.2% |
| Nikkei | 50339 | 53323 | +5.9% |
| Ftse | 9931 | 10224 | +3.0% |
| Canada TSE | 31713 | 31924 | +0.7% |
| Swiss SMI | 13267 | 13188 | -0.6% |
| Commodities | 12/31/25 | 01/30/26 | 2025 Change |
| Oil, $ per barrel | 57.42 | 65.21 | +13.6% |
| Gold, $ per ounce
Bitcoin, $ |
4341
87,637 |
4745
85,876 |
+9.3%
-2.0% |
Copyright Larry Greenberg 2026. All rights reserved. No secondary distribution without express permission.
Tags: financial market changes in January 2026
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