Saxo Market Call Trump blasts an already weak USD with offhand comments
10 snips
Jan 28, 2026 Trump comments drive a sharp dollar selloff and a volatility spike across FX. Tech stocks and AI leaders attempt a breakout ahead of major Mag7 earnings. SpaceX IPO prospects hinge on upcoming Starship V3 tests. Geopolitical tensions and a weak US consumer confidence print add market uncertainty. Gold, silver and the Norwegian krona show notable moves while fixed income and FX option flows signal shifting positioning.
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Trump Comments Spark Broad Dollar Weakness
- John Hardy highlights that offhand comments from President Trump triggered a disorderly, broad sell-off in the US dollar and a volatility breakout across FX markets.
- The market treated the remarks as signaling administration comfort with a weaker dollar, amplifying directional flows into euro and other currencies.
Big Tech Outperformance Masks Weak Internals
- John notes internals show big-cap tech is outperforming while broader indices see more decliners and weak equal-weight returns.
- The NASDAQ 100 is leading on expectations of sustained data-center and AI-related spending.
AI Demand Fuels Semiconductor And Storage Rally
- ASML and other semiconductor-related names are surging on strong order books and forecasts tied to AI demand.
- Memory and storage companies like SK Hynix, Seagate, and Western Digital are seeing outsized rallies from AI-driven data growth.