Golden Ten Data on August 26, Macquarie strategists Gareth Berry and Thierry Wizman believe that the Federal Reserve's recent interest rate cut signal will push the yen to rebound, and the yen will rise to 135 against the dollar by the end of the year. Fed Chair Powell's speech in Jackson Hole "set the stage for a months-long rebound in the yen." The Fed's rate cut will weaken the Forex spreads earned by JPY SHORTS and encourage Japan investors to fill their FX hedging positions. In addition, strategists expect the yen to rise above 120 against the dollar within two years.

UK inflation data improvement supports the decision of the Central Bank of the UK to cut interest rates. The Macquarie Group believes that inflation is moving in the right direction, and service sector data has also improved. Singapore forex and interest rate strategists expect the pound sterling to reach 1.30 against the US dollar in the middle of next year and maintain this level. It is believed that the political background has changed positively, and the pound sterling will reach 1.32 by the end of next year.

Investors who bet on a continuation of last year's rally in global bonds have been subjected to a brutal reality check. Expectations that U.S. interest rates will move higher for longer, combined with this week's hot inflation data, have helped erase the 4.2% return on global sovereign debt since 2023. Last year, bond investors barely made a profit after 24 consecutive months of losses on bets on a Fed pivot, but bearish sentiment returned as data continued to highlight the resilience of the U.S. economy. Gareth Berry, a strategist at Macquarie Group in Singapore, said the risk was that losses could widen. A key danger is that mark-to-market losses are too large and could lead to a forced sell-off in the bond market.

Investors who are betting that Japanese money will return in large quantities this year may be disappointed. Observers of capital inflows and outflows to Japan had been expecting tighter monetary policy to push domestic yields high enough to spur the return of money invested abroad. However, the timing of any changes by the Central Bank remains uncertain, and a study of Japan's 2023 balance of payments data shows that expectations of change are not enough to trigger inflows, an outcome that could be repeated this year. Gareth Berry, a strategist at Macquarie Group in Singapore, said he simply did not believe in the idea that the yen would return. The barrier to net repatriation is very high. Even in the immediate aftermath of the global financial crisis, Japanese investors did not withdraw their funds, even though the strengthening of the yen at the time was attributed to the repatriation of funds.

ETH current price: $3695.72, 24-hour change +7.82%; BTC current price: $71420.8, 24-hour change +3.03%; DOGE current price: $0.199714, 24-hour change +1.19%; BERRY Current: $0.0005700, 24H Change +13.09%; ENA Current: $1.30125, 24H +12.15%; GT current: $7.891, +1.29% 24h change.

ETH current price: $2302.27, 24-hour change +0.88%; BTC current price: $42615.2, 24-hour change +0.56%; FLR current price: $0.029616, 24-hour change -5.04%; BERRY CURRENT PRICE: $12.0002977, 24-HOUR UP -2.83%; LINK Current: $19.162, 24H Change +6.54%; GT current: $4.696, up -0.97% in 24 hours.