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💵 The U.S. dollar continues to rally as capital flows from Europe to the US accelerate. Rising French government bond yields and growing concerns over France’s debt trajectory and political instability are weighing on European markets, strengthening demand for the greenback.
📈 US stocks are showing mixed performance as the S&P 500 retreats from record highs amid concerns over elevated Treasury yields. While the Nasdaq 100 remains near all-time highs, the Russell 2000 is approaching correction territory. A narrow rally driven by major technology companies is also raising concerns about a potential market bubble.
🪙 Gold is heading for its third consecutive weekly decline, pressured by a stronger dollar, rising Treasury yields and escalating geopolitical tensions in the Middle East. However, China’s purchase of 23 tonnes of gold in September, its largest monthly purchase since 2023, is helping support prices near two-month lows.
₿ Bitcoin is retreating as escalating Middle East tensions undermine risk appetite and trigger a cryptocurrency sell-off. Around $720 million in positions were liquidated over 24 hours, while Bitcoin ETFs recorded $485 million in outflows. A stronger dollar, elevated Treasury yields and competition from Big Tech stocks are adding further pressure.
📊 Next week, traders will focus on US consumer price and producer price data, which could influence expectations for the Fed’s next rate decision. A rise in September inflation could push the probability of a rate hike back to 50%, supporting the dollar. Investors will also monitor France’s budget negotiations, developments in the Middle East and their potential impact on oil prices and safe-haven demand.
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