FX markets

Daily Market View 08-01-2026

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1:31

Chances of an Early Fed Cut Fades as Data Sings

1 Minute Market Rundown

US ISM Services data suggest white collar work is strongly rebounding, with its best indexed figure since September 2024.
The Dollar continues its near uninterrupted rally since the New Year, forcing GBPUSD into the mid $1.34's.
The biggest release still looms tomorrow for the US, with the December jobs data printing tomorrow.

USD-

The Dollar has been greedily coveting the limelight all of this week, especially today as a scramble for Venezuelan Oil reserves heats up. It's been the dream start to the year for the President, with a so far successful operation in Venezuela and a seemingly improving home front with regards to the economy.

Screenshot 2026-01-08 074334

Already slim chances of a January cut by the Fed have receded further as US PMI data yesterday showed a confident and robust service sector. This has had the effect of modestly strengthening USD at a time when its seems unable to do any wrong.

If only we had some major UK or European releases this week it might not be so one-sided, but we'll have to wait until the 3rd week of this month before UK data starts rolling in. Until then, it seems to be advantage Dollar.

Markets Today

*Please be aware the below rates represent the market rate at 8:00 AM, contact your Caxton dealer on check online for a live quote.

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