The National Bank of Serbia published its weekly Global Financial Market Developments report covering 12–16 January 2026, summarising moves across major asset classes and selected emerging markets. The update notes a stronger US dollar and higher US Treasury yields over the week, while German government bond yields were broadly stable. The EUR/USD exchange rate ended the period at 1.1596, with the euro down 0.31% on the week, amid a mix of US data releases and market focus on a reported criminal investigation into Federal Reserve Chair Jerome Powell. US Treasury yields rose along most of the curve, with the two-year yield up 5.5 bps to 3.59% and the ten-year yield up about 6 bps to 4.22%, while Germany’s two-year yield held at 2.11% and the ten-year yield fell around 3 bps to 2.80%. Equity indices were mixed, including a 0.38% weekly fall in the S&P 500 to 6,940.01 and a 3.84% rise in Japan’s Nikkei 225 to 53,936.17. In regional and commodity highlights, the National Bank of Poland kept its reference rate unchanged at 4.00%, and North Macedonia issued EUR 1.0bn of eurobonds across four- and eight-year tranches at yields of 4.125% and 5.050%. Gold rose 2.16% over the week, ending at USD 4,581.52 per ounce after reaching an intraday record of USD 4,642.96, while Brent crude gained 1.25% to USD 64.13 per barrel.
National Bank of Serbia 2026-01-20
National Bank of Serbia publishes weekly global markets report highlighting a firmer dollar and higher US Treasury yields
The National Bank of Serbia's weekly report for 12–16 January 2026 highlights a stronger US dollar, rising US Treasury yields, and stable German bond yields, with the EUR/USD exchange rate at 1.1596. Key developments include a criminal investigation into Federal Reserve Chair Jerome Powell, unchanged Polish interest rates, North Macedonia's eurobond issuance, and notable movements in gold and Brent crude prices.