Quick overview
- U.S. markets are cautious as major firms release Q3 earnings, which could influence equity performance next week.
- Gold prices surged to a record high of over $4,300 per ounce, driven by falling Treasury yields and expectations of a Federal Reserve rate cut.
- U.S. stocks faced selling pressure, particularly in the financial sector, following concerns over lending irregularities and ongoing U.S.-China trade tensions.
- The euro strengthened against the dollar amid diverging monetary policies, while the Japanese yen showed resilience despite recent fluctuations.
Live BTC/USD Chart
BTC/USD
Markets are on alert this morning as several major U.S. financial and industrial firms release their Q3 2025 earnings, potentially setting the tone for broader equity performance into next week.
Gold Shatters Records Amid Relentless Momentum
Gold extended its parabolic surge, jumping over $110 in a single session to close above $4,300 per ounce — a new all-time high. The sharp rise was driven by falling Treasury yields and strong technical momentum, with traders continuing to buy every minor dip despite risk-off sentiment in equities.
The persistent strength highlights growing investor conviction that the Federal Reserve’s next policy move will be a rate cut, further reducing the appeal of U.S. yields and fueling the rush into precious metals.
Equity Markets Falter Despite Strong Open
U.S. stocks started the day on firm footing but quickly reversed as selling pressure intensified across the financial sector. A major setback came from Zions Bancorp, which disclosed a $50 million writedown tied to potentially fraudulent loans, stoking fears of broader lending irregularities following First Brands’ bankruptcy.
Adding to the unease were lingering U.S.-China trade tensions, with new statements emerging but no tangible progress. The uncertainty weighed on market sentiment, pulling major indices off their highs and reinforcing defensive positioning.
Fed Commentary Adds to Uncertainty
Federal Reserve Governor Christopher Waller’s latest remarks did little to shift market expectations. He reiterated the possibility of a 50-basis-point move, while stressing a cautious approach given the apparent cooling in the labor market.
His tone aligned with recent FOMC communications suggesting the Fed had early access to September’s weak employment data prior to the government shutdown — reinforcing the dovish tilt.
Currency Markets Reflect Diverging Policy Outlooks
The euro gained ground against the U.S. dollar, supported by falling U.S. yields and softer oil prices, which opened the door for deeper Fed cuts later this year.
Meanwhile, the Japanese yen strengthened after a Bank of Japan official signaled no urgency to lower rates, contrasting sharply with the Fed’s easing trajectory and highlighting widening global policy divergence.
Key Forex Events to Watch Today: Earnings Calendar — Friday, October 17, 2025
Today’s earnings lineup is dominated by major banking and financial players, making it a crucial session for gauging consumer health, credit quality, and business spending. Energy giant SLB adds a global industrial dimension, offering clues on commodity-driven capital expenditures.
With rate cut expectations building for November and December, investors will be parsing today’s results for any indication of economic cooling or resilience — both of which could shape the Federal Reserve’s next policy moves and market sentiment heading into year-end.
American Express Company (AXP)]
- Earnings Time: Before Market Open (BMO)
- EPS Expectation: $4.00
- American Express will be closely watched for consumer spending trends amid signs of softening retail activity. Investors expect strong travel and corporate card usage to offset higher delinquency rates.
- Management commentary on credit conditions, cardholder growth, and expense discipline will be key to sustaining the company’s recent stock strength.
Truist Financial Corporation (TFC)
- Earnings Time: Before Market Open
- EPS Expectation: $0.99
- Truist’s results will provide insight into U.S. regional banking health, particularly deposit flows and loan loss provisions.
- Analysts anticipate stable net interest margins but remain cautious on loan growth amid tight credit conditions and slowing mortgage demand.
SLB N.V. (SLB)
- Earnings Time: Before Market Open
- EPS Expectation: $0.67
- As one of the world’s largest oilfield service providers, SLB’s performance will shed light on energy sector investment trends and drilling demand.
- With crude prices under pressure and OPEC+ production cuts in focus, investors are watching for signals on global exploration activity and cost management.
Fifth Third Bancorp (FITB)
- Earnings Time: Before Market Open
- EPS Expectation: $0.86
- Fifth Third is expected to post modest results as loan growth stabilizes and credit quality remains a concern in commercial lending.
- Markets will look for commentary on cost-cutting efforts, deposit repricing, and margin resilience as higher rates begin to weigh on borrowers.
Gold Makes It Above $4,200
Although demand for safe haven assets is still high, gold fell precipitously from record highs following the Fed’s most recent rate decrease as profit-taking was prompted by Powell’s cautious tone. Earlier this week, gold jumped beyond $3,700 and reached $3,707.42 following the Federal Reserve’s announcement of a 25 basis point rate decrease to 4.25%. But the impetus soon waned, and prices dropped back to $3,627, a $80 decline from the new all-time high. As traders locked in profits after the rally driven by dovish predictions, there was a sudden fall but buyers returned on Friday pushing the price $60 higher. Yesterday buyers continued to push and XAU reached another record high at $4,379.
USD/JPY Returns to 150
Foreign exchange markets saw sharp swings. Early in the week, U.S. yield differentials and Japanese capital outflows pushed the dollar above ¥150, but disappointing U.S. jobs data triggered profit-taking, causing the USD/JPY to slide by four yen from its peak. However, the new BOJ governor the JPY has weakened and USD/JPY soared to 153 but returned below 152 yesterday.
USD/JPY – Weekly Chart
Cryptocurrency Update
Bitcoin Returns Below $110K
Cryptocurrencies remained highly active over the summer. Bitcoin (BTC) climbed to fresh highs of $123,000 and $124,000 in July and August, supported by institutional inflows and technical strength. However, remarks from Treasury Secretary Scott Bessent ruling out U.S. increases to BTC reserves triggered a steep pullback, sending the coin down below $105,000 before finding support at the 200 daily SMA (purple) and recovering above $115,000. However this week BTC has turned lower again, approaching $110K.
BTC/USD – Weekly chart
Ethereum Falls Below $4,000
Ethereum (ETH) has been similarly strong, surging toward $4,800, its highest since 2021 and near its all-time peak of $4,860. Despite a dip last week, ETH found support at the 20-day SMA, with retail enthusiasm and renewed institutional participation driving fresh upside momentum. ON Friday we saw a dive below $3.500 however buying resumed on Sunday and ETH/USD climbed above $4,500 but returned back down below $4,000 again this week.
ETH/USD – Weekly Chart
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank’s local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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