This Monday, January 19, 2026, global markets have reacted nervously to a new escalation in U.S. trade policy. The U.S. dollar is falling against major reserve currencies, while the Swiss franc and precious metals are positioning themselves as the big winners of the day.
Here is an analysis of the key points that are moving the financial market today.
1. The trigger: Tariff threats from Greenland
Uncertainty returned with force after President Donald Trump's statements this weekend. The president announced his intention to impose a 10% tariff starting February 1 on a group of eight European allies (including Denmark, Germany, France, and the United Kingdom).
The measure, as explained through his social media, will remain and even increase to 25% in June unless the sale of Greenland to the United States is negotiated. This tactic of "tariffs by territory" has generated strong rejection in European capitals and has raised doubts about the stability of NATO and existing trade agreements.
2. The Dollar under pressure from political uncertainty
Although tariffs usually strengthen the currency that imposes them in the long term, the immediate effect today has been a drop in the dollar index (DXY).
Political Risk: Investors are penalizing the unpredictability of U.S. foreign policy.
Reduced volume: Being a holiday in the U.S. (Martin Luther King Jr. Day), low liquidity has accentuated volatile movements in Asian and European markets.
Strength of the Euro: The euro has managed to rise nearly 0.3%, sitting around 1.16, driven by the idea that Europe could respond in a coordinated manner to these threats.
3. Safe Haven: The Swiss Franc and Gold
In the face of a new trade war, capital is flowing to assets considered "safe havens":
Swiss Franc (CHF): It is the star asset of the day. The USD/CHF pair has fallen significantly (indicating a stronger franc), as investors seek the stability of Swiss institutions amid the geopolitical chaos in Washington and Brussels.
Precious Metals: Gold and silver have reached historic highs this morning. Silver, in particular, has surpassed 94 per ounce, reflecting a massive movement of risk aversion.
Japanese Yen: It has also experienced gains, acting as the traditional refuge in the Asian session.
Market note: "Every time a sharp political uncertainty arises from the U.S., the market tends to sell dollars initially, seeking refuges where the risk of trade policy is lower," analysts from Reuters and Bloomberg note.
What to expect for the rest of the week?
The focus will be on the opening of Wall Street tomorrow Tuesday. If the Trump administration does not soften its rhetoric, we could see a larger correction in U.S. markets, which have already shown declines in their futures contracts.
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