REDATOR Ben Graham Posted January 20 REDATOR Report Share Posted January 20 EU–US tensions are worsening, with the EU now pushing to suspend the tariff deal agreed upon in July, further clouding the political atmosphere.US President Trump is currently addressing the public to celebrate “365 Days, 365 Wins,” highlighting what he frames as his key achievements over the past year as he marks the first anniversary of his second term.He is, unsurprisingly, showcasing the strongest anecdotes from his perspective. However, such addresses are unlikely to sit well with several EU leaders, especially amid growing pushback against the President’s recent rhetoric regarding Greenland.The FX pair to watch to monitor how serious current discussions get is USD/CHF, situated at the perfect intercept between European issues, safe-haven demand and dedollarization trends – Down 1.90% since Friday! zoom_out_map USD/CHF 2H Chart – January 20, 2026 – Source: TradingView Get access to our latest analysis of the currency pair right here! While this morning’s appearance by Treasury Secretary Scott Bessent briefly eased the tone — urging everyone to “take a deep breath and let things play out” — markets did not take comfort for long. Read More: Stocks rebound, is it TACO Tuesday? – Dow Jones and US Stock Index Outlook Gold had already gapped higher in yesterday’s session and continued to extend gains as US traders returned from the Martin Luther King Day holiday, now pushing toward $4,760. Silver and other metals are following suit, printing fresh highs. zoom_out_map XAU/USD (Gold) 2H Chart – January 20, 2026 – Source: TradingView zoom_out_map A look at the daily performance in Commodities, January 20, 2026 – Source: TradingView. XAG = Silver, XAU = Gold, XCU = Copper, XPT = Platinum, XPD = Palladium Equities, on the other hand, tell a very different story. Stock indices bounced early in the session but topped quickly and failed to recover. The Dow Jones is now down 1.80%, while both the Nasdaq and S&P 500 are lower by around 2%. The key question now shifts to US Treasuries, which are facing renewed selling pressure as European banks and funds consider further diversification away from the US dollar. zoom_out_map Dollar Index (DXY) 2H Chart, January 20, 2026 – Source: TradingView The weaponization of foreign-owned assets has set a precedent — as seen with Russian assets in Europe and the US — and remains a growing concern for investors as Global leaders call out the New World Order and the World Economy Conference is ongoing.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc. Visitante_888645bb, Visitante_afa3c8a2 and Visitante_40592868 1 1 1 1 Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
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