Pro News Weekly: Dollar Rally Hits Markets

Welcome to Pro News Weekly!

💵 The U.S. dollar is posting its strongest two-week performance since the start of the Middle East conflict, as Treasury yields hit 19-year highs and expectations of a Fed rate hike in October rise to 70%.

📈 The S&P 500 came under pressure as strong US business activity pushed Treasury yields higher. Wall Street analysts have also cut earnings forecasts for the first time in 23 weeks, while Morgan Stanley sees rising risks of a 7% correction.

🪙 Gold has retreated as the stronger dollar, higher yields and hawkish Fed rhetoric weigh on prices. Meanwhile, central bank purchases, Chinese imports and ETF demand continue to provide support.

₿ Bitcoin pulled back as rising bond yields and a stronger dollar pressured crypto markets, despite digital asset capitalisation briefly climbing back above $3 trillion and $4.6 billion flowing into specialised ETFs since August.

📊 Next week, traders will watch US labour market data, the PCE inflation index, European inflation, Australian and Canadian employment figures, and the Reserve Bank of Australia meeting.

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