Market News

A series of breaks has kept buyers in control

USDCAD has climbed from 1.3758 on September 8 to a high of 1.4094 today. That is a gain of 336 pips in a relatively short period, and the technical story has been consistent along the way.

The price broke above its 200-day moving average at 1.3839, then its 100-day moving average, currently at 1.39565. It also moved through the 50% midpoint of the decline from the June 24 high at 1.39894 and, yesterday, the 61.8% retracement of that same decline at 1.40503.

For traders, those levels provide a way to measure the strength of the move. Breaking a level shows that buyers were willing to push the price higher. Staying above it is the next test. When a market repeatedly breaks resistance and then holds…

Headlines:

• Oil slips below $100 as US-Iran talks put crude prices and Treasury yields at a crossroads
• The selloff in oil prices stalls as Trump pours cold water on expectations of an earlier end to the conflict
• Gold falls back to the major $4,300 support ahead of key US data as traders await new US-Iran developments
• USD/JPY holds above 157 despite BOJ rate hike; intervention risk refuses to disappear
• France PMI jumps back into expansion in September but inflation pressures complicate the ECB outlook
• Germany September flash manufacturing PMI 53.8 vs 54.0 expected
• Eurozone PMI jumps as services surge, price pressures keep ECB October rate hike in play
• UK September flash services PMI 51.7 vs 52.0 expected

Market update:

• Brent crude +0.9% to $100.17
• USD…

I’ve been talking about the rise of collectibles for a while now, but even I have to admit that the some of the numbers I'm seeing are starting to become too difficult to ignore.

Last year, I asked whether the surge in Pokémon cards, sports cards and other collectibles was simply another hot trend or potentially the beginnings of a new investable asset class. And then earlier this year, I revisited that discussion as money appeared to be increasingly moving between cryptocurrencies and collectibles.

Now, fast forward a couple of months and the market has taken another big leap forward.

A 2005 Rayquaza Gold Star graded CGC Pristine 10 sold for $1.02 million through Fanatics Collect in August. And at the time, it became the first English…

FUNDAMENTAL OVERVIEW

Gold rallied yesterday after a couple of reports strengthened expectations of a de-escalation in the Middle East and potentially an earlier end to the conflict. That contributed to push oil prices into new lows, easing inflation and rate hike concerns.

Unfortunately, Trump poured some cold water on those expectations after he repeated that the US would make a deal with Iran after the November elections. Treasury yields and the US dollar rose following his remarks and weighed on gold.

The focus remains on US-Iran developments of course as oil prices have been the main driver of inflation and interest rate expectations. Keep in mind that economic…

FUNDAMENTAL OVERVIEW

We haven’t got major idiosyncratic catalysts for Ethereum this week as the cryptocurrency continued to rally just by inertia. As a reminder, most cryptocurrencies rallied on Friday after a CFTC crypto rulemaking submission on Thursday became public.The filings were submitted for regulatory review after the CLARITY Act failed to advance in the Senate.

The CFTC effectively signalled that it intends to move forward with a crypto market framework using its existing authority rather than waiting for Congress. The breakout of the month-long range has also contributed to the bullish momentum on broad short-covering.

On the macro side, the significant drop in …

IC – Europe Fundamental Forecast | 23 September 2026

What happened in the Asia session?

Market attention remained focused on the U.S. dollar’s interest-rate outlook, Japanese yen weakness following the Bank of Japan’s recent rate hike, and developments surrounding China–U.S. trade relations. Recent reporting indicates that the dollar has been supported by expectations of further Federal Reserve tightening, while oil prices have been influenced by geopolitical developments and potential changes in the situation around the Strait of Hormuz. The Chinese yuan has also remained a focus ahead of the Trump–Xi summit scheduled for September 23–25.

What does it mean for the Europe & US sessions?

Today’s European and U.S. sessions are likely to…

I would argue that one of the more impressive things in broader markets over the past week has been just how well equities have handled the move higher in bond yields.

10-year Treasury yields has been flirting with the 5% mark since the Fed, a level that you would think could make stocks get rather uncomfortable. Yet, we are seeing the Nasdaq push to record highs as the latest wave of AI enthusiasm has given tech shares another shot in the arm.

Meta has been at the centre of all of that after the early success of its new AI assistant, Muse, sparked a sharp rally in its shares and spilled over into other AI-linked names. In turn, semiconductor stocks have also benefited as investors start looking at what another wave of consumer AI adoption…

IC – Asia Fundamental Forecast | 23 September 2026

What happened in the U.S. session?

The sharp reversal in crude oil as hopes for renewed U.S.–Iran negotiations and a possible reopening of the Strait of Hormuz reduced the immediate supply-risk premium.

The Philadelphia Fed’s nonmanufacturing data showed improving employment and firm price pressures, broadly supporting the Fed’s cautious stance. As a result, oil was the most directly affected market, while the USD, Treasury yields, and gold were primarily driven by the competing forces of falling energy prices and expectations for further Fed tightening.

What does it mean for the Asia Session?

The biggest risks for Wednesday’s Asian session are oil and Middle East developments, yen…

FUNDAMENTAL OVERVIEW

Crude oil dropped further yesterday after a Kyodo report said that Iran has offered to reopen the Strait of Hormuz within seven days if the US lifted its blockade of Iranian ports and halted military operations around the strait. The proposal was reportedly conveyed to Washington through intermediaries as diplomatic efforts intensified around the UN General Assembly. The report was later confirmed by Reuters.

Oil prices then extended the losses after Saudi Arabia was said to be ready to resume crude oil exports from the Red Sea port of Yanbu. Several Asian refiners have reportedly been informed by Saudi Aramco that they will soon be able to collect…

US Markets Mixed as Investors Assess Geopolitical Updates – Nasdaq up 0.36%

US equity markets finished mixed on Tuesday as investors assessed the latest geopolitical developments, including further positive news from the Gulf, while attention also began to turn towards the US-China summit later in the week. Technology stocks continued to outperform, with strong demand for AI-related names helping the Nasdaq gain 0.45% to another record close of 27,244. The Dow Jones slipped 0.36% to 51,863, while the S&P 500 finished unchanged at 7,764.

US Treasury yields continued to edge higher as markets remained focused on the implications of the Federal Reserve’s latest policy update, despite improving sentiment surrounding developments in the…