James Stanley

Gold bulls are back in 2025 and January was a green monthly bar following two months of pullback to finish 2024.

It was a busy week and it looks like it’ll be a busy weekend, as well, with 25% tariffs set to go in-effect from the United States on Canada. This could lead to a volatile open on Sunday in the pair.

It’s a busy week across macro markets and we’re just getting started after the FOMC. Tomorrow’s ECB meeting is expected to see a cut but the bigger item may be around Japan and USD/JPY.

Gold bulls have been back at work so far in 2025 trade but to this point, they haven’t been able to push for a test of the 2800 handle in spot XAU/USD.

Stocks are clawing back losses from the weekly open even as the U.S. Dollar has bounced from a spot of support. The rest of this week is expected to be very busy on the macro front.

Fear drove early-session U.S. trade and this stands in stark contrast to just a week ago, when equities were driving to all-time-highs after the inauguration of President Trump.

It was a crude way to open a massive week, as fears of the AI rally being overblown obscured a loaded economic calendar.

Stocks continued to rally last week with another drive after President Trump’s inauguration. Now we get to hear from the Fed and then Friday brings an important piece of inflation data.

The U.S. Dollar just finished its strongest quarter in more than nine years, but a continuation of that theme may not be a great thing for U.S. equities, or the EUR/USD pair.

Yen-strength showed up this morning as USD/JPY pushed down to a fresh 2025 low. And while DXY has recovered most of the CPI sell-off, USD/JPY hasn’t, at least not yet.

Stocks are putting in a big move and 10-year Treasury Notes are showing the largest decline in yields since last August, just before stocks bottomed.

Tomorrow’s CPI report seems quite important given the run-higher in U.S. Treasury yields that’s taken place even as the Fed has continued to cut. This could have an outsized effect on USD-pairs, bonds and SPX.

USD bulls continue to push and this week brings another installment of CPI, which has been a bullish driver for the Greenback since the Fed’s start of a rate cutting cycle in September.

Yields on 10-year Treasuries have risen as much as 120 bps from the low just before the FOMC’s first rate cut of this cycle, and now it’s starting to negatively impact equities.

It was a brutal week for the British Pound, with GBP showing its largest weekly loss against the Euro in more than a year.

USD/CAD hasn’t yet set a fresh high in 2025 even as U.S. Dollar strength has continued. The pair matched its largest down-day in a year after news of Justin Trudeau’s resignation.

USD/JPY had a bullish response to the December FOMC rate decision and the pair is fast approaching a big spot of longer-term resistance at the 160.00 handle.