Market Highlight 22/01/2026
U.S. President Donald Trump abruptly withdrew his threat to use tariffs as leverage to seize Greenland on Wednesday and ruled out the use of force, saying that a framework agreement to resolve the dispute over the Danish territory is close to being finalized. U.S. stocks closed higher on Wednesday, with the S&P 500 posting its biggest single-day percentage gain in two months. The Dow Jones rose 1.2%, the S&P 500 gained 1.1%, and the Nasdaq advanced 1.1%. The U.S. dollar jumped sharply against the euro and the Swiss franc after Trump said a framework deal had been reached on the Greenland issue and ruled out new tariffs.
Gold prices pulled back slightly after hitting fresh record highs, as Trump walked back some of his hardline threats over Greenland. Spot gold rose 1.53% to $4,836.14 per ounce, after briefly touching a record high of $4,887.82. International oil prices closed higher, supported by optimism over tightening supply, after two major oil fields in Kazakhstan suspended production. At the same time, weak Venezuelan oil exports highlighted the slow pace of progress in reversing production cuts.
Key Outlook 22/01/2026
The United States is set to release the November Core PCE Price Index and the third-quarter GDP final estimate later tonight. Markets expect November core PCE inflation at 2.8% year-on-year, with a monthly increase of 0.2%. The final reading of Q3 real GDP is forecast to remain at an annualised rate of 4.3%. While the data are unlikely to change expectations that the Federal Reserve will keep interest rates unchanged next week, they will influence the outlook for the pace of rate cuts in the future. Renewed U.S. tariff threats are also expected to factor into assessments of the economic and inflation outlook.
Key Data and Events Today:
- 20:30 ECB Meeting Minutes ***
- 21:30 US GDP & Core PCE Prices Q3 ***
- 21:30 US Initial Jobless Claims ***
- 23:00 US Core PCE Price Index NOV ***
Tomorrow:
- 07:30 JP Core CPI YoY DEC **
- 08:30 JP Manufacturing & Services PMI Flash JAN **
- 11:00 BoJ Interest Rate Decision ***
- 14:30 BOJ Press Conference ***
- 15:00 GB Retail Sales MoM DEC **
- 16:30 EU GERMANY Manufacturing & Services PMI PREL JAN **
- 17:00 EU Manufacturing & Services PMI PREL JAN **
- 17:30 GB Manufacturing & Services PMI PREL JAN **
- 22:45 US Manufacturing & Services PMI PREL JAN ***
- 23:00 US Michigan Consumer Sentiment Final JAN ***
Markets Analysis 22/01/2026
EURUSD
- Resistance: 1.1719/1.1746
- Support: 1.1630/1.1603
EUR/USD trades near 1.1700 as easing Greenland tensions lift the dollar, triggering a mild pullback from recent highs. Price failed to hold above the descending trendline resistance around 1.1745, keeping near-term upside capped. Focus turns to ECB minutes and the EU emergency summit for fresh directional cues.
GBPUSD
- Resistance: 1.3470/1.3507
- Support: 1.3379/1.3350
GBP/USD hovers near 1.3430 as the dollar steadies on easing Greenland tensions, with price struggling to clear the 1.3470–1.3507 resistance zone and upside momentum cooling. UK CPI met expectations, limiting fresh BoE repricing, leaving near-term moves largely USD-driven.
USDJPY
- Resistance: 158.88/159.47
- Support: 157.53/156.93
USD/JPY trades near 158.10, holding above the 157.53–156.93 support zone within an ascending channel, keeping the broader bias constructive while the 158.88–159.47 resistance caps upside. Trump’s softer tone on Greenland lifts risk appetite, supporting the dollar, while the yen remains pressured by Japan’s election plans and fiscal easing pledges.
US Crude Oil Futures (MAR)
- Resistance: 61.79/62.61
- Support: 59.67/59.03
WTI trades near $60.6 as Kazakhstan supply disruptions and slow Venezuelan export recovery underpin prices, while the IEA’s demand upgrade adds a mild bullish tilt; technically, the rebound is stalling below the prior spike high, with dips finding buyers near $59.67 and a break above $61.79–62.61 reopening upside room.
Spot Gold
- Resistance: 4863/4893
- Support: 4722/4690
Spot Silver
- Resistance: 95.72/97.76
- Support: 87.19/85.53
Gold pulls back toward $4,810 after hitting a record $4,888 as Trump softened Greenland threats, easing safe-haven demand; technically, prices are consolidating above the $4,690–4,720 support zone, with upside capped near the $4,863–4,893 resistance band.
Dow Futures
- Resistance: 49481/49789
- Support: 48750/48436
The Dow Futures rebounded over 1% as Trump softened his stance on Greenland and scrapped tariff plans, easing trade-war fears; the price bounced from the 48,436–48,750 support zone but remains capped below the 49,481–49,789 resistance band, keeping upside momentum tentative.
NAS100
- Resistance: 25588/25736
- Support: 25116/24970
NAS100 rebounds about 1.2% as Trump softened his stance on Greenland and tariffs, easing political risk and lifting tech sentiment, with prices stabilising above the 25,116–24,970 support zone and may retest resistance near 25,588–25,736.
BTC
- Resistance: 92787/94759
- Support: 86439/84440
Bitcoin edges lower toward $90,000 as Greenland tensions, Trump’s tariff rhetoric and rising global bond yields dampen risk appetite, while safe-haven flows into gold continue to pressure crypto despite Strategy’s $2.1bn BTC purchase; technically, price is rejected below the $92,787–94,759 resistance zone and sliding toward the $86,439–84,440 support band, keeping near-term bias fragile.
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