The series of data released recently have paved the way for a "soft landing" of the US economy, and with only 2 weeks left until the US election, the market is pricing in the prospect of a Trump victory, and the global financial market is generally on an upward trend. The Dow Jones Industrial Average rose 0.96% last week, the S&P 500 rose 0.85%, and the Nasdaq rose 0.80%. The three major US stock indexes have risen for the sixth consecutive week, with the S&P and Dow Jones setting the longest weekly winning streak of the year.
The cryptocurrency market is replicating the upward trend that began in late October historically. As of the time of writing, Bitcoin is reported at $68,880, just a step away from the $70,000 mark, with a weekly cumulative increase of 10.41%, and Ethereum is reported at $2,741, with a weekly increase of 11.95%.
In the foreign exchange and commodity markets, the US dollar index fell back after consecutive gains last Friday, but still maintained above the 103 mark, up about 0.6% for the week and rising for the third consecutive week. The intensification of the US election and the expectation of more monetary policy easing have pushed spot gold to set new highs for two consecutive days last Thursday and Friday, with a weekly cumulative increase of about 2.4%, and silver rose about 7% for the week to a nearly 12-year high. The oil market performed poorly last week, with WTI crude oil falling more than 8% for the week, ending a two-week winning streak, and Brent crude oil falling nearly 7%.
The global economy is experiencing unexpected positive news, and market optimism is emerging, but with the US election entering a critical stage, political uncertainty still exists.
