News

The accounts of the European Central Bank’s (ECB) September policy meeting showed on Thursday that policymakers felt no immediate pressure to change the policy rate, per Reuters.

The Pound Sterling (GBP) extends its losing streak for the third trading day against the US Dollar (USD) on Thursday. The GBP/USD pair slides to near 1.3365 as the US Dollar Index (DXY) rebounds after a slight corrective move.

Isaacman, who has close ties with SpaceX CEO Elon Musk, was at the White House in September for Trump’s dinner for tech power players.

The Dow Jones Industrial Average (DJIA) knocked sharply lower on Thursday following a week-long meandering period. The Dow tumbled into the 46,300 region after opening the American market session near 46,600, knocking the major equity index down around 300 points at the time of writing.

It turns out that it was never about bringing back money to America but about helping different friends. Notably, Billionaire Stanley Druckenmiller is a longtime mentor and friend of Treasury Secretary Scott Bessent and has some large investments in Argentina.

Now Bessent says:

• Treasury directly purchased Argentine pesos
• Have finalized a $20 billion currency swap framework with Argentina’s central bank
• US Treasury is prepared, immediately, to take whatever exceptional measures are warranted to provide stability to markets
• Also discussed Argentina’s investment incentives, and US tools to powerfully support investment in our strategic partners
• Trump and Milei will meet on October 14

It’s all about the ‘strategic partners’ now. What’s the strategy? That’s tougher to say.

This article was written by Adam Button at investinglive.com.

The AUDUSD has seen a volatile, back-and-forth session, but in the last several hours the downside has taken control. The selling pressure pushed the pair beneath the 50% midpoint of the August low to recent high move, at 0.6560. That level, along with the top of the nearby swing area up to 0.6567, now serves as a risk-defining zone. Staying below keeps sellers firmly in control.

On the downside, the market is eyeing a critical hurdle: the 100-day moving average at 0.6531. A break below there would expose the next support at the 61.8% retracement of the same August rally at 0.6526. Clearing both would bolster seller confidence and open the door to deeper downside momentum.

The technical roadmap is straightforward: sellers hold the bias below 0.6560/67, with downside focus on 0.6531 and 0.6526 as key inflection points.

This article was written by Greg Michalowski at investinglive.com.

Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.

Crude oil futures are settling at $61.51. That is down $-1.04 or -1.66%.

Technically we been watching the $61.45 to $61.94 swing area/old floor. The price fell below that 4 on October 1. Yesterday the price extended above and away from the level only to reverse back lower today. The low price today at $61.25 broke below the lower level of that old floor at $61.45.

The ups and downs above and below that swing area is indicative of a market that is struggling with correcting, and moving back to the downside. The area remains a key barometer to eye going forward. Traded back below with momentum and we could see a rush toward the $60 level soon.

For what it’s worth, Pres. Trump said that gasoline prices will be approaching $2 soon. The price of a gallon of regular gas according to AAA is $3.11. In my favorite town it is currently $3.50.

This article was written by Greg Michalowski at investinglive.com.

emphasized that Japan “must achieve demand-led inflation,” but noted

Consider this chart along with some other news today:

• The Fed’s Barr saying that “there may be two economies right now, with upper income doing well and lower income struggling
• Delta Airlines citing the same thing and nothing that revenue from premium classes will soon pass coach
• Stock markets keep going up (compounding the wealth effect)

The reason for this — to me — is obvious. It’s that boomers are retiring flush and continuing to spend.

From the Fed’s perspective, it’s a big problem as the two mandates can now be in conflict. Previously, as jobs declined, so did inflation because spending dried up. In the future, we could see unemployment rise but spending remain solid (or even increase on aggregate). That would create some real problems for the Fed in trying to decide what to do. What will happen is that they keep rates lower than they should be, continuing to inflate assets and compounding wealth. In many ways, this has been underway for some time but policymakers (and the market more broadly) hasn’t recognized it.

This article was written by Adam Button at investinglive.com.