How have interest rate expectations changed after this week’s events?

January 23, 2026
-FXnews

The main event was Trump’s speech at the World Economic Forum in Davos as traders were waiting for him to de-escalate the recent trade war over Greenland. That triggered a slightly hawkish repricing across the board as risk sentiment picked up. Both the releases led to a hawkish repricing, although it was stronger for the RBNZ.

Lastly, today the highlights were the BoJ decision and the UK Flash PMIs. The S&P Global highlighted that it was the “strongest upturn in UK private sector business activity since April 2024” and “intensification of price pressures at a level above the Bank of England target”

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