Market Summary (Sep 9, 2025)

We continue to see broad dollar weakness driving our macro view. USD/JPY’s opening gap on Japanese political news has already been largely faded, reinforcing our medium-term JPY-positive stance as narrowing rate differentials, lower hedging costs and elevated recession risks underpin safe-haven flows. On EUR/USD, the decisive breach of the June resistance trendline (and the neckline of a large inverse head-and-shoulders) confirms a bearish dollar regime, while gold remains our favored alternative-currency, backed by the Fed’s imminent rate cuts amid a slowing labor market. Seasonal patterns also point to equity and crypto downside in September, setting up attractive dip-buying opportunities in October if the macro environment stabilizes.