尽管月度GDP有所改善，但英镑仍出现一些损失。总体而言，英镑在2026年初表现强劲，兑除美元外的大多数主要货币都有所上涨。

Some Losses for Sterling Despite Better Monthly GDP.Overall the pound has started 2026 strongly with gains against most major currencies except the dollar.

图表警告：日元空头挤压风险，158.15美元/日元关键触发点。美元/日元的价格走势已经上演了预期的上涨，并触及了第一个即时阻力区159.45/159.75的下限（2026年1月14日星期三创下159.45的盘中高点）。巧合的是，2024年7月12日，日本银行（BoJ）最后一次干预外汇市场以抛售美元，也是同一日内高点159.45。

Chart Alert: Japanese Yen Short Squeeze Risk,158.15 Key USD/JPY Trigger.The price actions of the USD/JPY have staged the expected push up and hit the lower limit of the first immediate resistance zone of 159.45/159.75 (printed an intraday high of 159.45 on Wednesday,14 January 2026. Coincidentally, it was also the same intraday high of 159.45 on 12 July 2024 that the Bank of Japan (BoJ) last intervened in the FX market to sell down the US dollar.

日本暗示将汇率定在160日元；联合干预谈话与日本央行猜测。日元再次试图从最近的大幅下跌中恢复过来，这次的势头得到了更强有力的政策背景的支持。日本当局加强了口头干预，至关重要的是，官员们已经超越了常规警告，明确表示有可能与美国采取联合行动。

Japan Signals Resolve at 160 Yen; Joint Intervention Talk and BoJ Speculations.Yen is once again attempting to recover from its recent sharp losses, with momentum this time supported by a more forceful policy backdrop. Japanese authorities have stepped up verbal intervention, and crucially, officials have gone beyond routine warnings and have explicitly flagged the possibility of joint action with the US.

第五章：从瑞士的滑雪场到最高法院。随着美国总统唐纳德·特朗普在达沃斯世界经济论坛上的亮相成为焦点，1月份的繁忙开局将继续迅速，市场在未来一周将有很多值得思考的问题。

Take Five: From the ski slopes of Switzerland to the Supreme Court.Markets will have a lot to ponder in the coming week as January's hectic start continues apace, with U.S. President Donald Trump's appearance at the World Economic Forum in Davos taking centre stage.