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EUR/JPY and USD/JPY continue to rally ahead of the Bank of Japan's interest rate decision, with EUR/JPY targeting the ¥167.33-¥168.01 resistance zone after surpassing the previous range. Meanwhile, AUD/USD has dropped to its $0.6580-58 support zone, which is expected to hold this week.
Oil prices fell 6% amid easing tensions in the Middle East, as Israel's military response avoided Iranian oil facilities. Gold remains steady below record highs, while Arabica coffee prices bounced off support levels, with potential resistance at 255.70.
UBS is strategically expanding in Miami, a key hub for international wealth migration, particularly from Latin America. With a focus on the anticipated $9 trillion wealth transfer to women, UBS is adapting its wealth management services to meet the evolving needs of clients, emphasizing diversity and personalized strategies. However, Miami faces challenges such as high housing costs and increased pressure on education and infrastructure as it continues to grow.
The Swiss National Bank (SNB) is projected to report a net profit of CHF 5 to 10 billion for Q3, following a CHF 55 billion profit in the first half of the year. This could bring total earnings for the first nine months to between CHF 60 and 65 billion, allowing for potential payments to cantons and the Confederation by year-end.However, market volatility due to the U.S. presidential election and Middle East conflicts may impact fourth-quarter performance. In 2023, the SNB recorded a loss of CHF 3.2 billion, which, along with a negative reserve of CHF 39.5 billion, hindered contributions to public authorities.
FTSE 100, DAX 40, and NASDAQ 100 indices are experiencing rallies amid hopes for de-escalation in the Middle East. The FTSE 100 rebounded from a low of 8,222, while the DAX 40 approached its recent highs, and the NASDAQ 100 surged towards its July record high of 20,760, maintaining a medium-term uptrend.
The US dollar remains the dominant global currency, holding 62% of foreign exchange reserves, while the euro trails at 20%. Despite efforts from BRICS nations to establish alternatives, the dollar's unique attributes—such as a large economy, liquid capital markets, and free tradability—ensure its continued supremacy. The euro is the only potential challenger, but its structural flaws hinder confidence in its viability.
AUD/USD is poised for its largest monthly decline since September 2022, with an expected drop of about 4.8% in October, closing last week at 0.6604. The upcoming US election could further impact the currency pair, with a potential Republican sweep likely to strengthen the USD, while a divided Congress may support AUD/USD. Technical analysis indicates a bearish trend, with key support levels at 0.6500 and 0.6380 - 0.6350.
The SMI closed higher, with Sonova experiencing significant gains, while Wall Street showed firmness. In Asian currency trading, the yen fell to 153.55 per US dollar amid political shifts, with analysts predicting a potential rise to 155 yen as the Bank of Japan deliberates on interest rates. The dollar also strengthened against the yuan and Swiss franc, while the euro remained stable against the dollar.
The global art market shows signs of resilience despite a 32% drop in average spending in 2023, with median values remaining stable. Wealthy collectors, particularly from China, are optimistic, with 91% expecting market growth, and they increasingly support new galleries and emerging artists. The proportion of works by women in collections has also risen to a seven-year high, reflecting a shift in purchasing behavior towards informed decisions rather than impulse buys.
Swiss banks are cautioning against overregulation as the country remains a leader in international asset management, with nearly $2,200 billion managed for foreign clients. However, this status is jeopardized by a tarnished reputation following the collapse of Credit Suisse in March 2023.
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22:49 28.10.2024
22:48 28.10.2024
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06:15 28.10.2024
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12:02 27.10.2024
18:39 24.10.2024
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