January 20, 2026
Dollar Hits Two-Week Low as Tariff Threats Stoke Volatility
The dollar fell to its lowest level in two weeks and currency hedging costs climbed as President Donald Trump showed no signs of backing down in his campaign for control of Greenland and threatened new tariffs on France.
The Bloomberg Dollar Spot Index slipped to its weakest level since Jan. 6 and was on track for its worst two-day stretch in about a month.
Europe:
UK Firms Cut Jobs at Fastest Pace in Five Years, Wages Cool
UK firms cut jobs at the fastest pace since 2020 and wage growth eased to its lowest in 3 1/2 years, more signs of a weakening jobs market as the Bank of England considers how much further it can cut interest rates.
Tax data showed the number of employees on payrolls falling 43,000 in December, the month after Chancellor of the Exchequer Rachel Reeves’ tax-raising budget, the Office for National Statistics said Tuesday.
Asia:
Japan’s Bond Slump Highlights Policy Challenges, Strategists Say
A meltdown in Japanese sovereign bonds, with yields on 40-year debt surging past 4% for the first time on record, may pile pressure on the Bank of Japan to act quicker to raise rates, according to some analysts.
The government’s election pitch to cut taxes on food underscored broader worries over spending and inflation and brought into focus the risks to Japanese markets as the country unwinds years of super-easy monetary policy, they said.
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