FX markets

Daily Market View 30-01-2026

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1:32

USD Claws Back Some Loss as Warsh is Announced Fed Chair

1 Minute Market Rundown

President Trump is expected to nominate Kevin Warsh, his special economic advisor, for the next Chairman of the Fed.
Stocks and bonds drop, with Warsh being a more hawkish candidate than the market initially suspected.
French QoQ GDP slightly lower than expected, at 1.1%, helping EURUSD weaken quicker.

USD-

Kevin Warsh, who was for months the markets second favourite (regarding likelihood of being nominated) seems likely to have triumphed in the mission of becoming the next Fed Chairman. Whilst not official yet, sources suggest Trump will make the announcement today, with the news strengthening the USD as Warsh is more hawkish than most expected the next Governor to be.

Screenshot 2026-01-30 083854

It's a wise move by Trump, Hassett would have seemed too politically expedient, given his dovish tendencies and perceived closer personal relationship with Trump. Whether the decision was made to win back some trust from the markets, or for some other reason, it does seem to have gone over well in terms of confidence, even if shares and bonds are temporarily weaker.

How long it takes before Trump starts breathing down his new lambs neck, only time will tell.

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