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Trump nominates Kevin Warsh for Fed chair as markets close lower
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President Donald Trump nominated Kevin Warsh as the next Federal Reserve chair, leading to declines in Wall Street and a weakening of the Mexican peso on January 30, 2026. Investors reacted cautiously to Warsh's profile, seen as an inflation hawk. Despite daily losses, markets posted positive monthly gains.
Despite the Candlemas Day holiday, the Mexican peso gained ground against the dollar in electronic trading, appreciating by 0.32 percent. The exchange rate stood at 17.40 units per dollar, two cents lower than the Bank of Mexico's close from the previous Friday. Analysts warn of a potential correction due to the peso's overbought status in January.
Gold prices in Egypt posted strong gains over the past week, tracking a parallel rise in global markets, climbing by around 1.9% amid escalating geopolitical tensions and political uncertainty, according to a report by iSagha. Local prices increased by approximately EGP 115 over the week, with 21-carat gold closing at EGP 6,155 per gram.
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The Mexican peso ended Monday's session with gains due to the dollar's weakening, driven by tensions from Donald Trump's government against the Federal Reserve to lower interest rates. The exchange rate stood at 17.9188 pesos per dollar, a 0.36% advance. Analysts attribute this movement to concerns over the Fed's independence.
Wall Street markets closed mixed on January 7, 2026, with the Dow Jones falling 0.94% amid US labor market data. In Mexico, the S&P/BMV IPC index of the Mexican Stock Exchange dipped 0.23% to 64,871.70 points. The Nasdaq edged up 0.16%.
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After strong gains in 2025, South African markets enter 2026 with increased volatility and a shift toward strategic diversification. Experts warn of fewer easy opportunities as global trends like US dollar weakness fade. Local equities and bonds may face challenges amid economic divides.
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