Shutdown Risk Rises Amid Second Killing in Minneapolis; NYC Winter Storm | Bloomberg Brief 1/26/2026

Watch on YouTube ↗  |  January 26, 2026 at 12:05  |  43:02  |  Bloomberg Markets
Speakers
Vonnie Quinn — Anchor, Bloomberg
Ben — Reporter, Bloomberg
Sonja Marten — Chief Economist, DZ Bank
Chloe Melly — Reporter, Bloomberg
Brendan Murray — Trade Reporter, Bloomberg

Summary

Bloomberg Brief opens with the dollar under pressure, the yen surging on speculation of coordinated US-Japan intervention, gold above $5,000, and natural gas spiking on a major winter storm. Sonja Marten of DZ Bank discusses the debasement trade, US safe-haven appeal, SNB and yen intervention dynamics, and sterling's lack of upside. Markets also monitor rising government-shutdown risk, renewed Canada tariff threats, and a heavy week of Fed and tech earnings.

  • Dollar sells off; yen rallies on intervention speculation.
  • Gold tops $5,000 and miners rally, but short-term correction risk is flagged.
  • Natural gas jumps on winter storm and cold-weather demand.
  • Sonja Marten says US policy risk pressures the dollar and supports gold.
  • She sees no real upside for sterling amid UK political and BoE constraints.
  • SNB and yen intervention dynamics remain in focus.
  • Government shutdown risk rises amid a Department of Homeland Security funding fight.
  • Heavy week ahead includes the Fed decision and major tech earnings.
Ideas
Vonnie Quinn Anchor, Bloomberg 2:02
Winter storm lifts front-month natural gas.
The winter storm and cold weather are driving a sharp spike in front-month natural gas, with futures up 17% and at the highest since 2022; prompt delivery is most affected while second- and third-month contracts are not rising as much, leaving a weather-driven front-end setup to monitor.
UNG MED
Ben Reporter, Bloomberg 7:51
Coordinated intervention speculation supports further yen gains.
The yen is rallying on speculation of coordinated US-Japan intervention. In prior intervention episodes the yen rose 10-12 big figures, and because the Fed is involved the signal is stronger and could achieve further yen appreciation even without actual intervention, so the comeback has further to go.
FXY HIGH
Ben Reporter, Bloomberg 8:32
Watch franc as SNB intervention risk builds.
The Swiss franc is strengthening on haven flows and its real effective exchange rate is approaching levels where the SNB has intervened historically. Intervention is not imminent, but if haven flows continue the SNB may expand its balance sheet with gentle intervention, making CHF a setup to watch.
CHF MED
Ben Reporter, Bloomberg 9:31
Gold and silver face correction risk.
Gold and silver have had strong momentum, but the risk/reward for longs is skewed after the run. Gold volatility above 26% implies a possible drop to $4,700, and silver volatility implies a possible drop to $86, so a short-term correction is looming larger.
GLD SILVER HIGH
Ben Reporter, Bloomberg 10:38
Fed cuts may not rally Treasuries.
Even with the Fed expected to cut rates this year, the two-year Treasury yield is not rallying and the ten-year remains around 4.20%. The market is showing diffidence to the Fed, suggesting yields may stay elevated rather than rally, which argues against owning Treasuries for a rate-cut rally.
TLT MED
Sonja Marten Chief Economist, DZ Bank 27:18
US policy risk pressures dollar, supports gold.
Erratic White House policies and renewed shutdown risk are making the US less attractive as a safe haven, pressuring the dollar. At the same time there is a definite flight to safe havens, and the loss of US safe-haven appeal is a main reason gold is at elevated levels, supporting the debasement trade.
USD HIGH
Sonja Marten Chief Economist, DZ Bank 27:18
US policy risk pressures dollar, supports gold.
Erratic White House policies and renewed shutdown risk are making the US less attractive as a safe haven, pressuring the dollar. At the same time there is a definite flight to safe havens, and the loss of US safe-haven appeal is a main reason gold is at elevated levels, supporting the debasement trade.
GLD HIGH
Sonja Marten Chief Economist, DZ Bank 33:12
Sterling has no real upside.
The UK faces a difficult political situation, weak leadership, fiscal and budget concerns, a weakening labor market and high inflation, leaving the Bank of England in a tight spot. With those cross-currents, she sees no real upside for sterling from here.
GBP HIGH
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This Bloomberg Markets video, published January 26, 2026, features Vonnie Quinn, Ben, Sonja Marten discussing UNG, FXY, CHF, GLD, SILVER, TLT, USD, GBP. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Vonnie Quinn, Ben, Sonja Marten  · Tickers: UNG, FXY, CHF, GLD, SILVER, TLT, USD, GBP