Financial Markets Update 4 November 2025
On the cusp of a big change
News Overnight
A lot of noise overnight data-wise but markets are running on FED/Credit/Banking system. Thus, aside from AI news, things took a very flat tone.
The next direction for markets could be the next move for the USD. The DXY has spent 3 months banging along the bottom of a uptrend since 2011. Markets are short USD. Dedollarisation involves buying USD to repay USD bonds before refinancing. The FED’s 2 recent cuts seem to have confirmed the bottom is in. USD/YEN and USD/CAD already left the station.
The next move up could be really painful.
Breaking
China Pays Interest in Gold Now [MSN]
Why the RBA’s rate decision will make inflation only worse [AFR]
Fed’s Cook signals December rate cut is not a foregone conclusion [FT]
A Wave of US Layoffs Flash Early Warning Sign for Job Market [Bloomberg]
Surprise Swiss inflation dip not enough to warrant central bank action, analysts say [Reuters]
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