Our Weekly Market Outlook provides a straightforward overview of the main market themes shaping the week ahead, covering currency markets, equities, commodities and crypto.
FX Trust Score Weekly Market Outlook
Week Ahead: 19 – 23 January 2026
Each week, FX Trust Score publishes a Weekly Market Outlook to help traders stay informed and prepared for the trading week ahead. The report brings together key developments across forex, equities, commodities and crypto markets, as well as insights into central bank activity. It is a trusted source, designed for clarity and relevance and provides traders with a concise overview of what is driving global markets. Here’s what traders are watching in the days ahead.
Last Week in Review
Markets moved through last week without any major disruptions, but there was a noticeable sense of caution beneath the surface. Price action across currencies, equities and commodities stayed largely contained, with traders reluctant to push positions too far ahead of a busy stretch of economic data. For readers tracking the latest market developments, the broader picture was one of patience rather than conviction.
The US dollar drifted rather than trended, reacting to a mix of economic signals that did little to clarify the outlook. The euro and pound saw modest support during periods of improved risk appetite, whilst equity markets ended slightly higher, helped mainly by continued strength in technology stocks. Gold eased back after recent gains, though demand remained steady, and oil prices settled after another week of uneven trading.
Overall, markets appeared to be marking time, waiting for clearer direction rather than responding to short-term noise.
Forex Focus
Currency markets begin the week close to where they finished the last one, reflecting a lack of conviction ahead of key data releases. The dollar remains sensitive to incoming US figures, particularly inflation and consumer spending data, which are expected to play an important role in shaping expectations for interest rates later in the year.
Sterling starts the week on a cautious note, with attention firmly on upcoming UK inflation and labour market updates. These figures are likely to influence near-term trading, especially for those active in trading forex markets where short-term reactions to data can be sharp.
The euro continues to trade within a familiar range, with movement driven more by shifts in global sentiment than by developments specific to the eurozone. The yen remains stable for now, but it continues to attract attention given the potential for policy-related headlines to prompt sharper moves at short notice.
Equities Snapshot
Equity markets enter the new week in a steady position, with recent gains concentrated in a narrow group of stocks. Technology shares remain the main source of support for broader indices, while participation elsewhere has been more selective.
In the US, futures point to a calm start to the week, with investors holding back ahead of economic data and corporate updates. European markets are showing a similar pattern, balancing softer growth signals against pockets of resilience in company earnings and balance sheets. For investors seeking access to global markets, this cautious tone reflects a wait-and-see approach rather than a shift in longer-term sentiment.
With earnings season approaching, guidance and outlook statements are expected to become increasingly important in shaping sentiment.
Commodities Watch
Gold opens the week trading close to recent levels after pulling back slightly. Interest in the metal has remained consistent, supported by ongoing uncertainty around growth and interest rates. Short-term moves are likely to follow changes in the dollar and bond yields rather than any shift in underlying demand.
Oil prices remain rangebound, with the market continuing to weigh global demand concerns against supply discipline from major producers. Inventory data later in the week may influence short-term pricing, but for now there is little sign of a decisive move in either direction.
Crypto Market Update
The crypto market begins the week in a calmer phase after recent volatility. Bitcoin remains near recent levels, while Ethereum has shown some relative resilience. Trading activity has slowed slightly, reflecting a more cautious tone among traders.
For those involved in trading digital assets, the market remains sensitive to shifts in sentiment driven by economic data and policy signals, with price reactions often arriving quickly.
What to Watch This Week
The week ahead brings several events that could set the tone across markets. In the US, inflation, retail spending and consumer sentiment data are scheduled, alongside commentary from central bank officials. In the UK, inflation and labour market figures will be closely watched for any signs of change in underlying pressures.
Eurozone activity and sentiment indicators are also due. Oil inventory data will also remain a focus in commodity markets. Corporate updates, particularly from large technology companies, may add to market moves as the week progresses.
Bookmark our real-time Economic Calendar to keep your finger on the pulse of key events and what is driving the market.
The Bigger Picture
Markets are entering the week without a strong directional bias, however, this balance may not last. With several key data points approaching, price action could become more reactive, especially in currency and equity markets.
For now, the focus remains on how the data stack up against expectations rather than on bold positioning. Clear surprises are likely to have a greater impact than marginal results, making this a week where patience and attention to detail may matter more than speed.
