A.I. featured large again last week, mainly because it was the key talking point as five of the Mag 7 companies released earnings with mixed results. The FOMC decision also went as expected, although Mr Powell threw some caution into the wind. Global stock markets took it in stride, but the US Treasury market was less happy as yields rose across the curve. Gold was weaker again, and the US Dollar strengthened.

Writing this weekly update is starting to get boring, because everything goes up every week, or so it seems.  Having said that, one casualty this past week was gold, which finally seems to have come off the boil.  The price of gold declined nearly 6% on Tuesday, and then stabilised but still ended down 1.8% on the week, the first weekly decline in the price of this safe haven precious metal since mid-August.  All global equity indices were higher (yawn) on the week – most end

The S&P 500 hit another record high, but stock investors reacted poorly to a weaker-than-expected jobs report for August. Bonds rallied, as a slowing US economy portends a weaker labor market and potentially slack demand, setting aside concerns about long-term inflation, at least for the time being. Gold continued on its tear.

Let’s face it – nothing can slow the “risk on” sentiment currently charactering equity markets.  SPACs were the first to reappear a few...

US economic data is suggesting a slowing US economy, with the question about tariff-inflation unresolved. Unlike the Fed, the ECB continues to ease, lowering its policy rates 25bps on Thursday (for the 8th time). Risk markets remain relatively resilient, and bond yields improved, too. The Trump-Musk feud has grabbed headlines this week.

Tariffs followed by partial capitulation, a strategic crypto reserve, and further erosion in markets summed up another tumultuous week.

This week we have monetary policy decisions from the Fed, the Bank of England and the ECB, the last of the year. This provides context.

FOREX is in the news, especially as many think the USD has reached its peak and is at an inflection point. What drives FOREX? Read on.

It is fashionable to espouse the end of the US dollar as the leading global reserve currency, but this will not occur anytime soon.