Trump's dollar devaluation comments boost gold prices; tech stocks surge, S&P hits new high.

Trump's Comments on Dollar Devaluation Impact Gold Prices

On January 27, U.S. President Donald Trump stated that he believes the dollar's devaluation is not significant, claiming the dollar is performing well and expecting fluctuations in currency value. When asked about concerns regarding the dollar's devaluation, Trump responded, "No, I think the dollar is doing very well. I hope it returns to its rightful level, which is a reasonable approach." He suggested he could manipulate the dollar's exchange rate, likening it to a yo-yo, but described such manipulation as an unfavorable outcome.

Following Trump's comments, the USD index initially rose slightly but then fell sharply by over 50 points, reaching a near four-year low. Non-U.S. currencies gained momentum, with the USD/CNH nearing the 6.93 mark, while gold prices surged to over $5,190 per ounce.

U.S. Senate Negotiations to Avoid Partial Government Shutdown

Senate Republican leader Mitch McConnell indicated that both parties are negotiating with the White House regarding government funding issues. Due to public backlash against Trump's strict immigration measures in Minnesota, Democrats are opposing funding for the Department of Homeland Security without new safeguards, threatening a partial government shutdown. As the January 30 funding deadline approaches, several agencies' funding may become collateral damage in this dispute.

U.S. Warns South Korea Against Discriminatory Regulations on Tech Companies

The Trump administration has warned South Korea not to impose discriminatory regulations and investigations on U.S. tech companies amid escalating trade disputes. Recent discussions have focused on South Korean e-commerce company Coupang, which has significant backing in the U.S. government. The administration threatened to impose higher tariffs on countries that discriminate against tech companies.

U.S. Trade Representative on India's Oil Purchases from Russia

U.S. Trade Representative Katherine Tai stated that India must take more steps to alleviate U.S. concerns regarding its purchases of Russian oil to receive a reduction in the current 50% tariff. While India has made significant progress in curbing Russian oil purchases, it faces challenges in completely stopping due to the discounts offered.

Fed Chair Candidate Rick Rieder Advocates for Bitcoin

Rick Rieder, a leading candidate for the Federal Reserve Chair and Chief Investment Officer at BlackRock, has suggested that Bitcoin will replace gold and recommended that investors include Bitcoin in their portfolios. Rieder's probability of being selected as the next Fed Chair has surged to 46%. He has previously stated that Bitcoin is more convenient than gold for storing value.

U.S. Housing Market Stagnation Amid High Mortgage Rates

Due to sustained high mortgage rates, U.S. home price growth has stagnated, with a year-on-year increase of only 1.4% as of November. Analysts indicate that the housing market has entered a phase of moderate growth, but home price increases lag behind overall inflation rates.

S&P 500 Hits New Highs, Tech Stocks Rally

On January 27, U.S. stock indices showed mixed results, with the S&P 500 closing at a new high, buoyed by tech and chip stocks. The S&P 500 rose 0.41% to 6,978.60 points, while the Nasdaq Composite gained 0.91%. Major tech stocks mostly rose, reflecting investor optimism ahead of earnings reports.

General Motors Reports Earnings and Stock Buyback Plan

General Motors reported a 5.1% year-on-year decline in revenue for Q4 2025 but exceeded earnings expectations. The company announced a new $6 billion stock buyback plan and raised its quarterly dividend.

UPS Plans to Cut Up to 30,000 Jobs

UPS announced plans to cut up to 30,000 jobs this year as part of its cost-cutting measures to enhance profitability. The cuts will primarily affect operational roles, including drivers and package sorters.

OpenAI Launches New Tool for Scientists

OpenAI has released a free tool called Prism, designed to assist scientists in writing research papers and collaborating with colleagues, marking a significant step in positioning ChatGPT as a research assistant.

Tether Launches New Stablecoin for U.S. Market

Tether has officially launched a new U.S. dollar-pegged stablecoin, USAT, under the recently passed GENIUS Act framework, aimed at U.S. institutions and platforms.

Seagate Technology Exceeds Earnings Expectations

Seagate Technology reported Q2 FY2026 revenue of $2.83 billion, with adjusted earnings per share exceeding expectations, leading to a post-market surge in its stock.