Market Summary (Sep 18, 2025)
We remain aligned with the dovish pivot at yesterday’s FOMC: Powell’s emphasis on shifting labor-market risks signals an extended easing cycle, reinforcing a bearish USD bias and underpinning gold’s medium-term trajectory toward 3,800. The “sell-the-fact” correction in both USD-pairs and precious metals looks temporary—we’re waiting for technical confirmation to rejoin the dominant trend. The BoC’s rate cut but muted forward guidance keeps CAD modestly under pressure, while AUDUSD can still benefit from broad USD weakness despite soft Australian data. NZD remains vulnerable ahead of its own rate cuts, and tonight’s BoJ meeting may spur further USDJPY volatility.
