At Any Rate Global FX and Commodities: The dollar, metals, APAC and vols
10 snips
Jan 30, 2026 
Arindam Sandilya, J.P. Morgan FX strategist on Asia and vols; Junya Tanase, yen and Japan policy specialist; Ben Jarman, Antipodean macro and FX expert; Gregory Shearer, metals researcher. They discuss rapid moves in metals and the dollar. They cover commodity-driven currency swings, AUD/NZD rallies, yen intervention risks and APAC FX policy nudges. Volatility quirks and market fragility are highlighted.
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Episode notes
Gold Structural, Silver Speculative, Copper Dislocated
- Gregory Shearer says gold's rally is structural, backed by central bank buying and investor diversification.
- Silver is volatile and potentially overextended, while copper's rally may be premature despite supply risks.
Monitor Copper For Post‑Holiday Tightness
- Watch copper post‑Chinese New Year for a potential squeeze as supply looks constrained.
- Consider that fundamentals currently do not justify the recent strong rally, so manage exposure carefully.
Terms Of Trade And Fiscal RV Drive FX Returns
- Terms‑of‑trade and fiscal‑RV factors are driving currency performance, helping exporters and lower‑debt currencies.
- Fiscal vulnerability is boosting gold narratives and influencing FX baskets like Scandi/Swiss overweighting.