Log in to today's North American session Market wrap for January 28
The Fed kept rates unchanged between 3.50% and 3.75% in an uneventful FOMC Day.
Today's session was very calm across most asset classes (except for one, guess which one) – not too surprising, given the humdrum Press Conference and rate decision.
Jerome Powell, whose term as Fed Chair extends only to two extra FOMC meetings (March 18 and April 29), had to defend against many questions about his recent investigation – the rest of his conference did not add much to his previews statements.
Metals are exploding higher after the conference as post-FOMC participation held tight for the meeting to end before joining the latest trend; Gold reached a new record high just shy of $5,400 and is closing the session around its peak..
What contributed to the dynamic was Powell's inability to defend the recent move lower in US Dollar, prior to the meeting. Truly, as the Fed Chair insisted, it isn't the Federal Reserve's job, but Gold and Silver really loved that.
We'll see if this extends beyond the announcement of the next Fed Chair. The announcement will be coming very shortly.
US stocks had no idea of where to go, while the Dollar did strengthen from its past-day tumble, but gave up some of its early-session gains during the Conference, ceding its seat to the Australian, Kiwi, and Canadian Dollars.
Regarding the CAD, the Bank of Canada also kept rates unchanged at 2.25%. It was only after Macklem's press conference that the Loonie rallied, as the Governor defended the Fed with intensity and pointed to a more optimistic Canadian economy.
Market Close Heatmap – Source: TradingView – January 28, 2026
Key Earnings are coming up – expect a lot of volatility in the next few sessions particularly as high volumes return to the Market post-FOMC.
Cross-Assets Daily Performance
Cross-Asset Daily Performance, January 28, 2026 – Source: TradingView
Surprisingly, most assets remain very hesitant and rangebound during the session, except for the usual suspects.
Metals waited patiently for the Press Conference to begin to explode higher – Look at Silver and Gold!
A picture of today's performance for major currencies
Currency Performance, January 28, 2026 – Source: OANDA Labs
The Swissie gave up a chunk of its previous session win, a bit against the US dollar but especially more against the Antipodean currencies (NZD and AUD).
The Greenback gave up some of its pre-announcement gains, but crossed back above the 96.00 level in classic mean-reversion.
Major Earnings in Tomorrow's session
Earnings Calendar – January 28, 2026 – Source: Nasdaq.com
A look at Economic data releasing throughout today and tomorrow's sessions
For all market-moving economic releases and events, see the MarketPulse Economic Calendar.
Thursday keeps the macro pressure on, with some earnings spice.
Europe starts the day with business climate, confidence and sentiment indicators, followed by US jobless claims, productivity and factory orders, while ECB speakers remain in focus.
The late session shifts back to Asia, with Tokyo CPI, Japanese labour and retail data, plus Australian PPI, all relevant for the JPY and AUD.
On the equity side, Caterpillar, SAP and Mastercard headline the pre-market, while Apple and Visa report after the close, setting the tone for the next session.
Safe Trades, keep a close eye on the Middle East!
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