Maggie Lake Talking Markets Episode 8: Why The Dollar Is Key. With Dale Pinkert.
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Jan 23, 2026 Dale Pinkert, trading coach at TradeGateHub known for FX, commodities and energy analysis. He breaks down silver’s parabolic blow-off and where metals might correct. He maps key dollar pivots and explains how dollar moves steer commodities and equities. He flags tech and small-cap vulnerabilities, copper downside, and tells you what to watch next in FX, energy and risk positioning.
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USD/JPY Peak Could Trigger Big Carry Unwind
- A major high likely formed in USD/JPY that could trigger a large unwind of carry trades and market rotation.
- That unwind may pressure risk assets and fuel further strength in gold and silver if the dollar falls.
A Short Silver Trade That Netted Quick Gains
- Dale recounted selling silver and buying oil then getting the call reversed and catching a $6 silver move on Monday.
- He emphasized that he didn't capture the whole move but benefited from a short-term trade.
Yen Strength Implies Repatriation And Risk Pressure
- Yen strengthening suggests repatriation and support for JGBs, reducing carry-trade profitability.
- That dynamic can force liquidations and isn't bullish for risk assets broadly.