Support
S&P breaks 6,000, Bitcoin tops $81K
Bitcoin: Surges past $81,000, driven by pro-crypto Trump stance and supportive lawmakers
China Forecast: UBS lowers China’s 2025 growth forecast to 4%, slower pace expected for 2026.
USD/JPY: Yen weakens as BOJ rate policy uncertainty and political instability weigh.
Oil: Closes lower amid strong USD, weak China data, and Hurricane Rafael; WTI near $70.
USD
The U.S. dollar gained strength on Monday, driven by expectations for upcoming U.S. inflation data and a series of Federal Reserve speeches this week. Meanwhile, all three major indexes hit multiple record highs last week, with the S&P reaching a new milestone above 6,000.
Oil
Oil prices closed lower on Friday, weighed down by a stronger dollar, disappointing economic data from China, and updates on Hurricane Rafael. Over the weekend, Chinese data revealed that October’s CPI rose at its slowest rate in four months, adding to market concerns. WTI and Brent prices settled around $70 and $73.60 per barrel, respectively.
UBS has cut its growth forecast for China, projecting around 4% growth for 2025, with an even slower pace anticipated for 2026.
BTC
Bitcoin soared beyond $81,000 for the first time, fueled by incoming President Trump’s pro-digital asset stance and the election of crypto-friendly lawmakers.
USD/JPY
The Japanese yen weakened on Monday, with USD/JPY rising 0.5% near recent three-month highs.
The Bank of Japan’s October meeting summary revealed a split among policymakers on further rate hikes, adding to uncertainty around BOJ policy. This uncertainty, compounded by Japan’s political instability after the ruling party lost its parliamentary majority, has put additional pressure on the yen.
