Dollar Sold Broadly, While Yen Soars On Fear Of Joint Intervention

2026-01-26 09:10:00 ET

The US dollar ( DXY ) came under strong selling pressure at the start of today’s trading. The fear was of joint intervention after the pre-weekend Fed checking on rates, ostensibly on behalf of the US Treasury, and underscored by Japanese officials, including Prime Minister Takaichi. Meanwhile, another tragic ICE-related death in Minnesota has sparked a threat from the Democrat Senators to block the funding bill that the House passed last week to keep the federal government open past the end of the month. ICE funding has been provided by the “Big, Beautiful Bill” that has already been approved. After initially seeming to endorse the resolution of Canada and China’s trade dispute, which included a reduction in some Chinese tariffs on canola and a cut in the tariff levied by Canada on Chinese-made EVs (49k vehicles), President Trump seemingly threatened 100% tariff on Canadian exports to the US. Treasury Secretary Bessent seemed to suggest the threat was over a comprehensive trade deal....

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