The dollar extends its decline against the yen on speculation of a coordinated US-Japan intervention. Meanwhile, precious metals miners rally as gold surpasses $5,000 per ounce. Markets are reacting to multiple crosscurrents, including a deepening US government shutdown risk.

Shutdown fears intensify after Republican lawmakers rejected Democratic demands to separate funding for the Department of Homeland Security. This follows a second killing of a US citizen during an immigration crackdown in Minneapolis, adding political strain to budget negotiations. A prolonged closure could disrupt federal services and economic data.

Simultaneously, a severe winter storm batters the East Coast, causing travel disruptions and straining power grids. This compounds existing market anxieties, from geopolitical tensions to inflation concerns. Sonja Marten of DZ Bank is discussing the debasement trade, a strategy investors use to hedge against currency weakness.