- First day of semi-annual testimonies from Fed Chair Powell turned out largely to be a non-event. Text of the speech included some hawkish lines that hinted the Fed still does not have enough confidence to cut rates
- However, Fed Chair Powell sounded rather moderate during the Q&A session and did not want to signal what's the next move
- USD gained, while gold and US indices moved lower at first. However, while gains on USD market still hold, US indices have erased their declines
- Wall Street indices trade higher - Dow Jones and S&P 500 gain 0.2%, Nasdaq adds 0.1%, while small-cap Russell 2000 drops 0.1%
- S&P 500 and Nasdaq reach fresh all-time highs
- European stock market indices traded lower today - German DAX dropped 1.3%, UK FTSE moved 0.7% lower, French CAC 40 plunged 1.6% and Dutch AEX was down 0.2%. Polish WIG20 was outperformer with 0.2% gain
- Energy commodities traded mixed today - oil dropped 0.7%, while US natural gas prices increased 0.3%
- Precious metals trade mixed as well - gold and silver gain 0.1% each, while platinum drops 1.6% and palladium 3.1%
- Industrial metals dropped - copper and zinc dropped 0.3%, while aluminium and nickel moved 1.2% lower
- Coffee jumped 7% and reached the highest level since February 2022 amid persisting supply issues
- AUD and CAD are the best performing major currencies, while JPY and GBP lag the most
- Emerging markets currencies like MXN or BRL are performing well today, and gain against US dollar
- Major cryptocurrencies trade higher today - Bitcoin gains 1.4% while Ethereum adds 0.8%
Daily Summary: "Sell America" pushes US assets off the cliff (20.01.2026)
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