Market Themes On October 7, US Dollar-denominated assets generally came under pressure: Spot Gold closed down 1.37% at 4,106.91, Spot Silver closed down 2.60% at 59.743, the Euro closed down 0.56% at 1.11954, and the Dow Jones Industrial Average closed down 0.80% at 51,167.9. If the US Dollar and real interest rates rise in tandem, the opportunity …

Market Themes On October 6, long-end US Treasury yields pulled back from multi-decade highs set on Monday, accompanied by a weakening US Dollar, forming a common backdrop across most asset classes on the day. However, sensitivities varied among assets: gold proved most directly responsive to real interest rates and the US Dollar; the S&P 500 wa…

Market Themes On October 5, US interest rates and growth data diverged, and asset pricing adjusted accordingly. ISM Non-Manufacturing PMI recorded 54.9, slightly below the expected 55.2, but its prices sub-index rebounded; S&P Global Composite PMI final reading recorded 58.4, with services activity reaching its strongest level since July 2021. …

Market Themes September Non-Farm Payrolls added only 29k jobs, far below the expected 90k, with the previous two months revised down by a combined 60k, and the unemployment rate rose to 4.2%. This initially weighed on nominal yields and the US Dollar, providing an initial boost to both risk assets and gold. However, yields subsequently reversed and…

Market Themes On October 1, the US Dollar and interest rate environment were generally strong. The Euro closed lower for a fourth consecutive trading session, surrendering the 1.1300 level. Gold and silver recovered from their Asian session lows, but neither reclaimed their respective MA5, making the bounce closer to a pressure relief than a revers…