Escalate to de-escalate, again

Friday 23rd January 2026

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Markets faced a whiplash day of geopolitics and data, as President Trump’s abrupt Greenland U‑turn steadies equity markets even while uncertainty keeps gold surging. Phil and NAB’s Skye Masters unpack a stronger Aussie dollar, rising local bond yields, and the surprisingly sharp drop in Australia’s unemployment rate that has markets leaning even further toward a February RBA hike. They sweep through firmer US spending and GDP revisions, falling jobless claims, softer NZ retail numbers, and a big day of global PMIs, CPI prints, and the Bank of Japan’s delicate dance with a weakening yen.

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