Expert market panel on President Trump's desire for a weaker dollar, and the impact on your money

Watch on YouTube ↗  |  January 28, 2026 at 15:04  |  5:07  |  CNBC
Speakers
Craig Johnson — Chief Market Technician, Piper Sandler
Joel Kulina — Senior Vice President, Wedbush Securities
Brian Gardner — Chief Washington Policy Strategist at Stifel
Morgan — Host

Summary

A CNBC panel discusses the weaker U.S. dollar, its technical setup, and its implications for markets. Craig Johnson expects further dollar weakness after a short-term relief rally and cautions on parabolic gold and silver. Joel Kulina says a weaker dollar supports tech leadership and argues the AI trade remains strong, with ASML's call expected to be bullish. Brian Gardner sees limited near-term market implications but longer-term questions for the dollar's reserve status.

  • U.S. dollar index broke key technical support and hit a four-year low.
  • Craig Johnson sees an oversold short-term dollar bounce but further intermediate-term weakness toward 95.
  • Johnson warns gold and silver look parabolic and may be vulnerable to a dollar relief rally.
  • Joel Kulina says a weaker dollar benefits U.S. exports and tech sector leadership.
  • Kulina says AI spending is accelerating and ASML's upcoming call should be bullish.
  • Brian Gardner sees limited near-term market risks but longer-term concerns about the dollar's reserve currency status and U.S. fiscal path.
  • China allowing ByteDance, Alibaba, and Tencent to buy Nvidia H100 chips was noted as an AI-related headline.
Ideas
Craig Johnson Chief Market Technician, Piper Sandler 0:36
Dollar breaks support, further weakness ahead
The U.S. dollar index has broken below key technical support to a four-year low, and Craig Johnson expects further intermediate-term weakness, potentially toward 95 spot, after a possible short-term oversold relief rally. He notes this fits the pattern of Trump administrations wanting a weaker dollar.
UUP HIGH
Craig Johnson Chief Market Technician, Piper Sandler 1:16
Gold and silver parabolic, exercise caution
Gold and silver have gone parabolic and should be treated cautiously because a short-term dollar relief rally could pressure them, even though the dollar remains weak longer term.
GLD SILVER MED
Joel Kulina Senior Vice President, Wedbush Securities 1:41
Weak dollar supports technology sector leadership
A weaker dollar boosts U.S. export competitiveness, flows through to the bottom line, and historically bodes well for the technology sector and the most important global tech companies, reinforcing tech leadership.
XLK HIGH
Joel Kulina Senior Vice President, Wedbush Securities 4:12
AI trade strongest ever, capex accelerating
The AI trade is stronger than ever, supported by massive OpenAI funding headlines, SoftBank's contemplated $30 billion raise for OpenAI, Anthropic's rapid product momentum, and accelerating AI capex. He expects ASML's conference call to be incredibly bullish and argues spending is accelerating, not slowing.
Artificial Intelligence Theme HIGH
Joel Kulina Senior Vice President, Wedbush Securities 4:54
ASML call bullish on accelerating spending
ASML's upcoming conference call should be incredibly bullish because AI-related spending is accelerating and not slowing, making it a key evidence point for the AI trade.
ASML HIGH
Up Next
1:03
Aftermath of Landslide in Niscemi, Sicily
Bloomberg Markets · Jan 28
1:08:11
What Investors Don't Understand About the Software Meltdown | Deiya Pernas
Monetary Matters · Jan 28
1:13:03
Hi-Yo Silver! | Animal Spirits 449
The Compound News · Jan 28
1:06:16
Gold to $12,000 or ‘Sell Gold Today’? – Bits + Bips
Unchained (Chopping Block) · Jan 28
29:44
January 2026 Random Ramblings
Yet Another Value Podcast · Jan 28

This CNBC video, published January 28, 2026, features Craig Johnson, Joel Kulina discussing UUP, GLD, SILVER, XLK, Artificial Intelligence Theme, ASML. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Craig Johnson, Joel Kulina  · Tickers: UUP, GLD, SILVER, XLK, Artificial Intelligence Theme, ASML