The Dow Jones rose into yet another record high, but bidders remain unconfident. Consumer confidence surveys show US spenders still fear higher inflation. Fedspeak deviations continue, but rate markets price in higher odds of another double cut. The Dow Jones Industrial Average (DJIA) ground its way into another record bid on Tuesday, but price action remains tepid and intraday momentum is struggling to outpace the 42,000 level. The CB Consumer Confidence Index for September dropped to the bottom end of a familiar two-year range, and Federal Reserve (Fed) Governor Michelle Bowman has leaned into her dissent of the Fed’s recent 50-bps rate cut. Consumer confidence deteriorated across the board on Tuesday, and consumer expectations of 12-month inflation accelerated to 5.2%. Consumers also reported a general weakening of their six-month family financial situation outlook, and consumer assessments of overall business conditions have turned negative. As explained by the Conference Board’s chief economist Dana Peterson, “Consumers’ assessments of current business conditions turned negative while views of the current labor market situation softened further. Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income.”

The Dow Jones rose into yet another record high, but bidders remain unconfident. Consumer confidence surveys show US spenders still fear higher inflation. Fedspeak deviations continue, but rate markets price in higher odds of another double cut. The Dow Jones Industrial Average (DJIA) ground its way into another record bid on Tuesday, but price action remains tepid and intraday momentum is struggling to outpace the 42,000 level. The CB Consumer Confidence Index for September dropped to the bottom end of a familiar two-year range, and Federal Reserve (Fed) Governor Michelle Bowman has leaned into her dissent of the Fed’s recent 50-bps rate cut. Consumer confidence deteriorated across the board on Tuesday, and consumer expectations of 12-month inflation accelerated to 5.2%. Consumers also reported a general weakening of their six-month family financial situation outlook, and consumer assessments of overall business conditions have turned negative. As explained by the Conference Board’s chief economist Dana Peterson, “Consumers’ assessments of current business conditions turned negative while views of the current labor market situation softened further. Consumers were also more pessimistic about future labor market conditions and less positive about future business conditions and future income.”

No (major) news is good news? With no major US labour market data released this week, it will be left up to central bank commentary, PMI reports, bond auctions and quarter-end flows to dictate direction. Put together, unless we see evidence of an alarming deterioration in activity from major developed nations, the combination points to an environment where riskier asset classes may outperform. For AUD/USD and USD/JPY, we may therefore continue to grind higher, building on the move that began in mid-September. One pair to keep an eye on if you’re trading Asian or emerging market currencies is USD/CNH which has broken lower despite ongoing weakness in Chinese economic data.

No (major) news is good news? With no major US labour market data released this week, it will be left up to central bank commentary, PMI reports, bond auctions and quarter-end flows to dictate direction. Put together, unless we see evidence of an alarming deterioration in activity from major developed nations, the combination points to an environment where riskier asset classes may outperform. For AUD/USD and USD/JPY, we may therefore continue to grind higher, building on the move that began in mid-September. One pair to keep an eye on if you’re trading Asian or emerging market currencies is USD/CNH which has broken lower despite ongoing weakness in Chinese economic data.

Taipei, Sept. 24 (CNA) The U.S. dollar fell against the Taiwan dollar Tuesday, shedding NT$0.067 to close at NT$31.966. Turnover totaled US$1.067 billion during the trading session. The greenback opened at NT$32.040, and moved between NT$31.960 and NT$32.071 before the close.

Taipei, Sept. 24 (CNA) The U.S. dollar fell against the Taiwan dollar Tuesday, shedding NT$0.067 to close at NT$31.966. Turnover totaled US$1.067 billion during the trading session. The greenback opened at NT$32.040, and moved between NT$31.960 and NT$32.071 before the close.

GBP/USD clears the top of an ascending channel and nears the YTD high of 1.3398. The Relative Strength Index (RSI) favors buyers, breaking above 70 despite entering overbought territory, signaling potential for further gains. Next resistance levels include the March 1, 2022, high at 1.3437 and the psychological 1.3500 mark. A pullback could see the pair test support at 1.3350, with further downside targeting 1.3298, 1.3266, and the 1.3200 figure. The Pound Sterling extended its gains against the US Dollar on Tuesday amid a scarce economic docket in the UK. Across the pond, the US Conference Board Consumer Confidence tumbled on labor market views, sending the Greenback sliding and underpinning other currencies higher. The GBP/USD trades at 1.3388 and advances more than 0.30%.

GBP/USD clears the top of an ascending channel and nears the YTD high of 1.3398. The Relative Strength Index (RSI) favors buyers, breaking above 70 despite entering overbought territory, signaling potential for further gains. Next resistance levels include the March 1, 2022, high at 1.3437 and the psychological 1.3500 mark. A pullback could see the pair test support at 1.3350, with further downside targeting 1.3298, 1.3266, and the 1.3200 figure. The Pound Sterling extended its gains against the US Dollar on Tuesday amid a scarce economic docket in the UK. Across the pond, the US Conference Board Consumer Confidence tumbled on labor market views, sending the Greenback sliding and underpinning other currencies higher. The GBP/USD trades at 1.3388 and advances more than 0.30%.

ALL EYES ON US INFLATION On Monday, the Japanese yen declined to over 144.40 yen against the US dollar in thin trading, continuing losses incurred last week amid concerns that the Bank of Japan is in no hurry to raise interest rates. Last week, the yen lost more than 2% as the Bank of Japan kept its interest rate unchanged at 0.25% in a unanimous vote, in line with expectations. At the same time, Bank of Japan Governor Kazuo Ueda acknowledged "some weakness" in the economy during his post-meeting press conference, a slightly more dovish tone than previous statements. According to Forex trading, his comments weakened the prospects of a rate hike in October, although one is still expected in December. However, Ueda maintained his forecast that the economy is steadily progressing towards a modest recovery, affirming that the central bank "will continue to adjust the degree of easing" if its economic and price forecasts are realized. Externally, the yen faced pressure from rising risk assets after the Federal Reserve's large interest rate cut boosted global economic expectations. According to stock trading platforms, the Standard & Poor's 500 and Dow Jones rose to new record highs. According to performance, the Standard & Poor's 500 rose 0.3%. Also, the Dow Jones rose 0.1%, both hitting new record highs at the start of the week after last week's rally that was spurred by the Federal Reserve's first interest rate cut in four years, which was set at 50 basis points.

ALL EYES ON US INFLATION On Monday, the Japanese yen declined to over 144.40 yen against the US dollar in thin trading, continuing losses incurred last week amid concerns that the Bank of Japan is in no hurry to raise interest rates. Last week, the yen lost more than 2% as the Bank of Japan kept its interest rate unchanged at 0.25% in a unanimous vote, in line with expectations. At the same time, Bank of Japan Governor Kazuo Ueda acknowledged "some weakness" in the economy during his post-meeting press conference, a slightly more dovish tone than previous statements. According to Forex trading, his comments weakened the prospects of a rate hike in October, although one is still expected in December. However, Ueda maintained his forecast that the economy is steadily progressing towards a modest recovery, affirming that the central bank "will continue to adjust the degree of easing" if its economic and price forecasts are realized. Externally, the yen faced pressure from rising risk assets after the Federal Reserve's large interest rate cut boosted global economic expectations. According to stock trading platforms, the Standard & Poor's 500 and Dow Jones rose to new record highs. According to performance, the Standard & Poor's 500 rose 0.3%. Also, the Dow Jones rose 0.1%, both hitting new record highs at the start of the week after last week's rally that was spurred by the Federal Reserve's first interest rate cut in four years, which was set at 50 basis points.

AUD/USD practically reached the late December high at $0.6871 around which it faltered on Tuesday morning. Above it lurk the $0.6895-$0.6899 June and July 2023 highs. Upside pressure should be maintained while Thursday's low at $0.6738 underpins.

AUD/USD practically reached the late December high at $0.6871 around which it faltered on Tuesday morning. Above it lurk the $0.6895-$0.6899 June and July 2023 highs. Upside pressure should be maintained while Thursday's low at $0.6738 underpins.

AUD/USD practically reached the late December high at $0.6871 around which it faltered on Tuesday morning. Above it lurk the $0.6895-$0.6899 June and July 2023 highs. Upside pressure should be maintained while Thursday's low at $0.6738 underpins.

AUD/USD practically reached the late December high at $0.6871 around which it faltered on Tuesday morning. Above it lurk the $0.6895-$0.6899 June and July 2023 highs. Upside pressure should be maintained while Thursday's low at $0.6738 underpins.

Last week, the Fed finally started its easing cycle and decided to do it with a 50 bps cut. The market was already leaning towards a 50 bps move, so it wasn’t a surprise. The larger cut was framed as kind of a risk management move with the dot plot showing two more 25 bps cuts by the end of the year and less than the market expected in 2025.

Last week, the Fed finally started its easing cycle and decided to do it with a 50 bps cut. The market was already leaning towards a 50 bps move, so it wasn’t a surprise. The larger cut was framed as kind of a risk management move with the dot plot showing two more 25 bps cuts by the end of the year and less than the market expected in 2025.

Bitcoin price held steady overnight as investors assessed the impact of the Federal Reserve interest rate decision. The BTC/USD pair was trading at 63,400, a few points below Monday’s low of 64,685. Like other risky assets, Bitcoin is expected to benefit substantially from the Fed’s decision to cut interest rates last week. It joined other central banks like the European Central Bank (ECB), South Africa Reserve Bank (SARB), and Swiss National Bank. These cuts mean the world is slowly moving to an easy money period, where cash is cheap. Risky assets like Bitcoin and other cryptocurrencies do well in those periods as we saw during the Covid-19 pandemic.

Bitcoin price held steady overnight as investors assessed the impact of the Federal Reserve interest rate decision. The BTC/USD pair was trading at 63,400, a few points below Monday’s low of 64,685. Like other risky assets, Bitcoin is expected to benefit substantially from the Fed’s decision to cut interest rates last week. It joined other central banks like the European Central Bank (ECB), South Africa Reserve Bank (SARB), and Swiss National Bank. These cuts mean the world is slowly moving to an easy money period, where cash is cheap. Risky assets like Bitcoin and other cryptocurrencies do well in those periods as we saw during the Covid-19 pandemic.

flows seem to have returned in Tuesday’s trading, as investors cheer China’s stimulus announcement and the overnight dovish US Federal Reserve (Fed) commentary. People’s Bank of China (PBOC) Governor Pan Gongsheng announced plans to roll out a series of measures to boost the economic recovery, including the intention to cut the reserve requirement ratio (RRR) by 50 basis points (bps). Wall Street indices closed modestly flat, as the dovish Fed bets continued to offer support to stocks, despite the discouraging S&P Manufacturing and Services PMI readings worldwide. The S&P Global US preliminary Manufacturing PMI contracted further to 47.0 in September, compared to 48.5 expected and August’s 47.9. The Services PMI also dipped to 55.4 in September from 55.7 in August.

flows seem to have returned in Tuesday’s trading, as investors cheer China’s stimulus announcement and the overnight dovish US Federal Reserve (Fed) commentary. People’s Bank of China (PBOC) Governor Pan Gongsheng announced plans to roll out a series of measures to boost the economic recovery, including the intention to cut the reserve requirement ratio (RRR) by 50 basis points (bps). Wall Street indices closed modestly flat, as the dovish Fed bets continued to offer support to stocks, despite the discouraging S&P Manufacturing and Services PMI readings worldwide. The S&P Global US preliminary Manufacturing PMI contracted further to 47.0 in September, compared to 48.5 expected and August’s 47.9. The Services PMI also dipped to 55.4 in September from 55.7 in August.

The price of crude oil has extended to a gain of two dollars at $72.36. That's up 2.77% on the day. The low price was at $70.47. J.P. Morgan Chase CEO Jaime DImon overnight reiterated his concerns about the growing risks of global instability, emphasizing that geopolitics remains the most significant threat to the world economy. Speaking in an interview from India, Dimon warned that geopolitical conditions are worsening with risks from disruptions in energy supply and increasing involvement of other nations in ongoing conflicts. Isreal and Hezbollah and Iran tensions are elevated.

The price of crude oil has extended to a gain of two dollars at $72.36. That's up 2.77% on the day. The low price was at $70.47. J.P. Morgan Chase CEO Jaime DImon overnight reiterated his concerns about the growing risks of global instability, emphasizing that geopolitics remains the most significant threat to the world economy. Speaking in an interview from India, Dimon warned that geopolitical conditions are worsening with risks from disruptions in energy supply and increasing involvement of other nations in ongoing conflicts. Isreal and Hezbollah and Iran tensions are elevated.

The USD is moving lower after the weaker than expected economic data. Richmond had composite index came in at -21 verses -19 last month. The consumer confidence came in at 98.7 versus 105.6 last month and 104.0 estimate. With the election forthcoming, it might not be that surprising that there is weakness in survey's from the uncertainty.

The USD is moving lower after the weaker than expected economic data. Richmond had composite index came in at -21 verses -19 last month. The consumer confidence came in at 98.7 versus 105.6 last month and 104.0 estimate. With the election forthcoming, it might not be that surprising that there is weakness in survey's from the uncertainty.

The major European indices are ending the day with gains. The gains are not on par with the China and Hong Kong gains of 4% but German Dax up 0.75% and France's CAC up 1.28% is not bad.

The major European indices are ending the day with gains. The gains are not on par with the China and Hong Kong gains of 4% but German Dax up 0.75% and France's CAC up 1.28% is not bad.

On the evening of the 24th, the USDCNH was breaking through the 7.02 mark and reaching a high of 7.0197, with a maximum increase of over 400 points during the day. Just today, measures such as reducing reserve ratio, interest rate and stock mortgage interest rate ignited the performance of RMB assets. Pan Gongsheng, President of the People's Bank of China, also focused on responding to the market's concern about the trend of RMB exchange rate. Pan Gongsheng said The 50 basis point rate cut by the Federal Reserve is the first rate cut in the past few years after a cycle of rate hikes, the momentum for US dollar appreciation weakens. With the convergence of domestic and international monetary policy cycle differences, the external pressure on the basic stability of the RMB exchange rate has significantly eased. We insist on keeping a bullish view on the RMB. In the short term, there is still a need for companies to queue up for foreign exchange settlement, and the RMB still has significant room for appreciation,. I believe that soon, the USDCNH will break 7.

On the evening of the 24th, the USDCNH was breaking through the 7.02 mark and reaching a high of 7.0197, with a maximum increase of over 400 points during the day. Just today, measures such as reducing reserve ratio, interest rate and stock mortgage interest rate ignited the performance of RMB assets. Pan Gongsheng, President of the People's Bank of China, also focused on responding to the market's concern about the trend of RMB exchange rate. Pan Gongsheng said The 50 basis point rate cut by the Federal Reserve is the first rate cut in the past few years after a cycle of rate hikes, the momentum for US dollar appreciation weakens. With the convergence of domestic and international monetary policy cycle differences, the external pressure on the basic stability of the RMB exchange rate has significantly eased. We insist on keeping a bullish view on the RMB. In the short term, there is still a need for companies to queue up for foreign exchange settlement, and the RMB still has significant room for appreciation,. I believe that soon, the USDCNH will break 7.

BTC/USD & ETH/USD Key Points Traders split on whether the Fed will cut 25bps or 50bps this week after the WSJ’s “Fed Whisperer” reopened the door for a 50bps rate cut. US election prediction markets have tightened following the debate, a potential headwind for cryptoassets. Both Bitcoin and Ether bounced back strongly from support. Cryptoasset Market News Bitcoin hashrate hit all time highs, climbing to 692 exahash per second. The Swiss National Bank disclosed holdings of 466,000 shares of MicroStrategy. Goldman Sachs also disclosed $418M in BTC ETF holdings. The US Government moved 10,000 of Silk Road BTC worth $590M from one wallet to another, a possible precursor for another round of long-dormant supply dumping. While not crypto-specific news per se, US Democratic Presidential Candidate Kamala Harris laid out her economic agenda last week. Many of the priorities could be characterized as “populist,” including the elimination of medical debt for millions of Americans, a ban on price gouging for groceries and food, a cap on prescription drug costs, a $25,000 subsidy for first-time homebuyers, and an expansion to the Child Tax Credit. Many observers have labeled these priorities as likely inflationary, a development that could benefit cryptoassets at the expense of the US dollar if Harris is elected.

BTC/USD & ETH/USD Key Points Traders split on whether the Fed will cut 25bps or 50bps this week after the WSJ’s “Fed Whisperer” reopened the door for a 50bps rate cut. US election prediction markets have tightened following the debate, a potential headwind for cryptoassets. Both Bitcoin and Ether bounced back strongly from support. Cryptoasset Market News Bitcoin hashrate hit all time highs, climbing to 692 exahash per second. The Swiss National Bank disclosed holdings of 466,000 shares of MicroStrategy. Goldman Sachs also disclosed $418M in BTC ETF holdings. The US Government moved 10,000 of Silk Road BTC worth $590M from one wallet to another, a possible precursor for another round of long-dormant supply dumping. While not crypto-specific news per se, US Democratic Presidential Candidate Kamala Harris laid out her economic agenda last week. Many of the priorities could be characterized as “populist,” including the elimination of medical debt for millions of Americans, a ban on price gouging for groceries and food, a cap on prescription drug costs, a $25,000 subsidy for first-time homebuyers, and an expansion to the Child Tax Credit. Many observers have labeled these priorities as likely inflationary, a development that could benefit cryptoassets at the expense of the US dollar if Harris is elected.

The EUR/USD was able to climb a little in the first half of Wednesday’s session. This was largely thanks to a positive risk sentiment, after China’s announcement of large-scale stimulus measures to support its slowing economy helped to boost the equity markets. This latest optimism comes alongside the positive market sentiment following the Federal Reserve’s rate cut last week. But despite these international factors, domestic concerns remain for the German economy, discouraging us to be very bullish on the EUR/USD forecast, despite the dollar’s overall bearish trend. Indeed, looking at euro crosses such as the EUR/GBP, which is approaching its post-Brexit lows, you can see that there is very little underlying strength for the euro and that the EUR/USD’s weakness is masked by a weak US dollar right now.

The EUR/USD was able to climb a little in the first half of Wednesday’s session. This was largely thanks to a positive risk sentiment, after China’s announcement of large-scale stimulus measures to support its slowing economy helped to boost the equity markets. This latest optimism comes alongside the positive market sentiment following the Federal Reserve’s rate cut last week. But despite these international factors, domestic concerns remain for the German economy, discouraging us to be very bullish on the EUR/USD forecast, despite the dollar’s overall bearish trend. Indeed, looking at euro crosses such as the EUR/GBP, which is approaching its post-Brexit lows, you can see that there is very little underlying strength for the euro and that the EUR/USD’s weakness is masked by a weak US dollar right now.

Banks and other lenders are lining up more than €10 billion ($11.1 billion) of debt to back a buyout of Sanofi SA’s consumer health division, as one of the most hotly-anticipated sales of the year reaches its final stages. A core group of banks signed funding commitments over the weekend for €7.5 billion to €7.8 billion of senior debt to back bids for the acquisition, people familiar with the matter said, declining to be identified.

Banks and other lenders are lining up more than €10 billion ($11.1 billion) of debt to back a buyout of Sanofi SA’s consumer health division, as one of the most hotly-anticipated sales of the year reaches its final stages. A core group of banks signed funding commitments over the weekend for €7.5 billion to €7.8 billion of senior debt to back bids for the acquisition, people familiar with the matter said, declining to be identified.

Alternative investment firm Castlelake LP has secured more than $1 billion of financing for its purchase of over 60 aircraft, according to a statement seen by Bloomberg News. The firm is receiving a term loan facility from a group of lenders including Deutsche Bank AG, Goldman Sachs Group Inc., BNP Paribas SA and Mitsubishi UFJ Financial Group, according to the statement. The debt has a five-year tenor with an option to extend, and the firm may look to the asset-backed securities market for funding sometime next year, according to a person with knowledge of the matter, who asked not to be identified discussing a private matter.

Alternative investment firm Castlelake LP has secured more than $1 billion of financing for its purchase of over 60 aircraft, according to a statement seen by Bloomberg News. The firm is receiving a term loan facility from a group of lenders including Deutsche Bank AG, Goldman Sachs Group Inc., BNP Paribas SA and Mitsubishi UFJ Financial Group, according to the statement. The debt has a five-year tenor with an option to extend, and the firm may look to the asset-backed securities market for funding sometime next year, according to a person with knowledge of the matter, who asked not to be identified discussing a private matter.

Over the summer, the focus of the Fed has shifted from a singular emphasis on curbing inflation to now discussing the risk of causing significant damage to the labour market.

Over the summer, the focus of the Fed has shifted from a singular emphasis on curbing inflation to now discussing the risk of causing significant damage to the labour market.

The household savings rate in France has risen further, up from 17.6% of households’ gross disposable income (GDI) in Q1 2024 to 17.9% in Q2 2024, according to the INSEE, i.e. 1 point more in a year

The household savings rate in France has risen further, up from 17.6% of households’ gross disposable income (GDI) in Q1 2024 to 17.9% in Q2 2024, according to the INSEE, i.e. 1 point more in a year