Strong Metals and Oil Highlight a Data Heavy Trading Week (January 19 – 23, 2026 Recap)

The past week delivered a busy schedule of major economic data and corporate earnings, offering fresh insight into global inflation trends, labour market conditions, central bank policy, and growth momentum. Key releases from Canada, the UK, the United States, Australia, and Europe influenced currency markets, while commodities and equities showed mixed performance. Alongside macroeconomic developments, several high-profile earnings reports—including Netflix, Johnson & Johnson, GE Aerospace, and Intel—helped shape investor sentiment across global markets.

Major Economic Indicators and Events in Review

Monday, January 19

15:30 – Canada: CPI m/m (CAD)

In December, inflation rose to 2.4% year over year, up from 2.2% in November. The increase was mainly due to the temporary GST/HST tax break, while lower gasoline prices helped limit the rise. Prices fell 0.2% from November.

The USD/CAD fell by 0.33% on the day.

Tuesday, January 20

09:00 am – UK: Claimant Count Change (GBP)

UK labor market conditions softened at the end of 2025. Payrolled employment continued to decline, with early estimates showing 184,000 fewer employees than a year earlier. The unemployment rate rose to 5.1%.

The Claimant Count increased slightly in the month but fell in the year to 1.677 million in December. Earnings growth remained moderate, while real wage growth remained modest.

The GBP/USD rose slightly by 0.04% on the day.

Wednesday, January 21

09:00 am – UK: CPI y/y (GBP)

Inflation edged higher in December 2025, with CPIH rising to 3.6% and CPI increasing to 3.4% year over year. Prices rose 0.4% on the month, driven mainly by alcohol, tobacco, and transport costs, while core inflation remained steady.

The GBP/USD fell by 0.065% on the day.

Thursday, January 22

02:30 am – Australia: Employment Change (AUD)

In December 2025, seasonally adjusted labor market conditions improved. The unemployment rate fell to 4.1%, while the participation rate increased to 66.7%. Total employment rose to 14,684,100, lifting the employment-to-population ratio to 64.0%. Underemployment declined to 5.7%, and monthly hours worked increased to 2,001 million. Full-time employment grew by 54,800 to 10,101,100 people, while part-time employment rose by 10,400 to 4,582,900.

The AUD/USD jumped 1.12% on the day.

15:30 – USA: Core PCE Price Index m/m (USD)

U.S. personal income rose modestly in October and picked up further in November, while consumer spending increased at a steady pace in both months. Disposable income also grew slightly, and households continued to spend more despite the earlier government shutdown that delayed the release of this data.

The EUR/USD rose by 0.52% on the day.

15:30 – USA: Final GDP q/q (USD)

Economic growth was stronger than first reported, with inflation-adjusted GDP expanding at a revised 4.4% annualized pace, the fastest in two years. The small upgrade was driven by higher exports and investment, partly offset by weaker consumer spending, with the revision itself only marginal.

The USD/JPY increased by 0.05% from the previous day.

Friday, January 23

Tentative – Japan: BOJ Policy Rate (JPY)

The Bank of Japan kept the uncollateralized overnight call rate at around 0.75 percent.

The USD/JPY fell by 1.67% on the day.

09:00 am – UK: Retail Sales m/m (GBP)

Retail sales volumes fell by 0.3% in the fourth quarter of 2025, as weaker supermarket and online sales followed a strong third quarter. However, sales rebounded in December, rising 0.4%, helped by a recovery in non-store retailing, including stronger demand for precious metals. Overall, retail sales volumes increased 1.3% over the year.

The GBP/USD rallied 1.03% on the day.

10:30 am – Germany: Flash PMI (EUR)

Germany’s private sector activity strengthened in January, with the Composite PMI rising to 52.5 from 51.3, a three-month high. Growth was led by services (53.3), while manufacturing returned to marginal expansion (50.5). Despite improved activity, employment fell at its fastest pace since 2020, and input cost inflation hit its strongest level in nearly three years.

The EUR/USD rose 0.61% on the day.

11:30 am – UK: Flash PMI (GBP)

In December, UK manufacturing showed modest improvement. Output rose for a third straight month, and new orders increased for the first time in over a year. The Manufacturing PMI climbed to 50.6, a 15-month high, signaling mild growth, although higher costs and weak export demand continued to limit confidence.

The EUR/GBP fell by 0.41% compared to the previous day.

16:45- USA: Flash PMI (USD)

U.S. business activity grew modestly in January, with the Flash Composite PMI edging up to 52.8, a two-month high. Manufacturing strengthened, while services growth was steady, but weak export demand kept job growth largely flat, and cost pressures elevated.

The EUR/JPY fell by 1.05% on the day.

Commodities

1. Crude Oil

Crude oil prices increased by 3.37% over the past week

2. Brent Oil

Brent was up 3.22% compared to the previous week

3. Gold

The precious metal Gold (XAUUSD) concluded the week on Friday with a 8.51% weekly increase

4. Silver

XAGUSD increased by 14.72% from last week

Stock Market

1. S&P 500 decreased by 0.55%
2. DJIA was down 0.69%
3. NASDAQ 100 increased by 0.08%

Top Gainers

1. Namib Minerals (NAMM) 236.96%
2. Corvus Pharmaceuticals, Inc. (CRVS) 211.80%
3. Brand Engagement Network, Inc. (BNAI) 159.53%

Top Losers

1. Psyence Biomedical Ltd. (PBM) -82.47%
2. Venus Concept Inc. (VERO) -79.75%
3. NovaBay Pharmaceuticals, Inc. (NBY) -68.11%

Company Earnings (January 19 – 23)

Tuesday, January 20: NFLX (Netflix, Inc.)

Wednesday, January 21: JNJ (Johnson & Johnson)

Thursday, January 22: GE (GE Aerospace)

Thursday, January 22: INTC (Intel Corporation)

On January 20, 2026, Netflix reported strong fourth-quarter 2025 results, posting net profit of $2.42 billion and earnings per share (EPS) of $0.56, beating analysts’ expectations. Revenue rose 17.6% from a year earlier to $12.05 billion, driven by subscriber growth and higher subscription prices. Looking ahead, Netflix expects 2026 revenue of $50.7–$51.7 billion and forecasts its advertising revenue will double from last year.

NFLX shares fell by 2.14% compared to the previous week.

On January 21, 2026, Johnson & Johnson reported solid results for the fourth quarter and full year 2025. The company generated $94.2 billion in revenue, reflecting steady growth from its core businesses. Looking ahead to 2026, J&J expects sales to rise to between $99.5 billion and $100.5 billion and forecasts earnings of about $11.43 to $11.63 per share. The company plans to drive growth through new and innovative medicines, especially in cancer treatment, immune diseases, and brain health.

JNJ shares rose by 0.68% from the previous week.

On January 22, 2026, GE Aerospace reported strong results for the fourth quarter and full year 2025. Revenue rose 20% from a year earlier to $11.9 billion, and earnings came in at $1.57 per share, beating market expectations. The company also raised its outlook for 2026, forecasting profit between $9.9 billion and $10.3 billion, signaling confidence in continued growth.

GE shares fell by 9.61% compared to the previous week.

On January 22, 2026, Intel reported mixed results for the fourth quarter. The company posted a net loss of $600 million, or 12 cents per share, while revenue fell 4% from a year earlier to $13.7 billion. Looking ahead, Intel expects first-quarter 2026 revenue to range between $11.7 billion and $12.7 billion, with earnings estimated at about 21 cents per share.

INTC shares fell by 4.02% from the previous week.

Conclusion

Overall, the week highlighted a mixed global economic picture. Inflation remained sticky in several major economies, labor market conditions showed signs of softening, and growth momentum varied across regions. Financial markets responded with notable currency moves and strong gains in precious metals, while equity performance stayed uneven. As central banks balance inflation risks against slowing activity and earnings results continue to diverge by sector, market volatility is likely to remain elevated in the weeks ahead.