BingZi Forex Solutions, 10 Woodlands Square, #04-53 Woods Square, Singapore (2026)

21/10/2026

22 Oct 2026......Market Updates

Here is what happened last night :

1. SpaceX share prices gapped higher after 3QTR revenue and profit topped Wall Street's estimates

2. Meta posted better than consensus earnings @ $64 billion (consensus $63.3 billion)

3. Tesla posted better than consensus earnings @ $28.05 billion (consensus $27.9 billion)

4. Coreweave stock down 29% in Oct while bond yields spikes as market confidence erodes

5. Ukraine's defiance saw drones strikes crippling Russia's diesel refinery (2nd biggest in the world)

6. Putin released American Stephen Hubbard and agreed to 3-way peace talk with Ukraine and the US after Witkoff meeting in Moscow

7. US orders diplomats to depart Saudi Arabia amid Houthis attacks

8. Iran said that indirect negotiations with the US continues.

The S&P notches a 3-day winning streak as the NASDAQ jumps 1% on the SpaceX and Tesla rally last night.

The S&P closed a tad higher @ 7,757 (range 7,710-7,770) last night.

The DXY and the US10Y traded a tad higher and closed @ 101.69 (range 101.64-101.83) and @ 5.12% (range 5.08%-5.16%) respectively.

The USD/JPY traded lower and closed @ 158.08 (range 157.84-158.39).

The XAU/USD traded a tad higher and closed @ 4141.00 range 4104.61-4142.62).

Technically, both technical structures for a big move are still intact and is expected to deliver the moves by the end of the week.

The USD/JPY is expected to break below 157.50 and head towards 153.00 while the XAU/USD is expected to break above 4200.00 and gun for 4385.00 next week.

It was reported that US voters going into the Midterms are frustrated with Trump on the following :

1. Confidence in the US economy sank

2. Long term mortgage rate jumped to 7.5% (highest in 3 years)

3. Soaring Diesel prices

4. Unemployment is going up

5. Trump's fixation on beautifying Washington and building a bigger ball room at the White House

6. The Iran War.

Trump's strategic redistricting gambit faltered, as Trump's unpopularity has wiped out most of those gains, leaving Republicans scrambling to defend districts that were "engineered-to-their-favour".

With only 13 days left to the Midterms Elections, it will be interesting to watch how Trump will pick up the pieces both internally and externally (Middle East and Ukraine space).

Only the US Jobless Claims are scheduled for release today.

The market will see the Flash PMI data being released for Australia, Japan, the UK, EU and the US tomorrow.

Meanwhile the DXY is still expected to trade lower against all currencies today.

Let's see.

20/10/2026

21 Oct 2026.....Market Updates

The PBOC left interest rates unchanged for 17th consecutive months yesterday.

The US ADP Employment Change registered a weaker number @ 18.50K (previous 24.80K) and both US Housing data registered weaker numbers last night.

SpaceX and Netflix earnings both beat Wall Street estimates but only SpaceX shares climbed 5% while Netflix shares tumbled after their late earnings release after market's close.

Netflix shares posted earnings that beat estimates, but its share price fell on revenue and advertising revenue guidance.

Oil prices eased from their day's high as both the US10Y and DXY eased lower from their highs last night.

The S&P drifted sideways while the NASDAQ rallied as AI demand lifted the NASDAQ from its recent low on the strong delivery of AI stocks.

Meta, and Tesla will be watched closely today and as they will announce their earnings after the US stock market close.

The S&P closed @ 7,712 (range 7,670-7,747) last night.

The DXY and the US10Y closed @ 101.71 (range 101.52101.95) and @ 5.11% (range 5.07%-5.13%) respectively.

The XAU/USD defied the lower oil prices, DXY and US10Y, by trading below 4150.00 (range 4111.49-4155.78) and closing @ 4125.00.

The XAU/USD is weighed down by next week's US Fed rate hike expectations. (due to elevated oil prices).

The USD/JPY strangely could not break below 157.50 and closed @ 158.15 (range 157.82-158.60).

Technically, the XAU/USD had fulfilled its drop into the BUY-ZONE (4100.00-4120.00) and the USD/JPY rallied to its SELL-ZONE (158.40-158.60) and both flinched away like clockwork.

That means today will be the day that they are both supposed to "explode" decisively in their projected trajectory (USD lower against both currencies).

Perhaps, the Far East stock markets might go risk-on, delayed reaction from SpaceX's better than consensus earnings.

That could start the dollar decline against all currencies.

Meanwhile on the geopolitical front, the US has resumed its Starlink Intel sharing with Ukraine as US envoys were dispatched to meet Zelensky and Putin in a bid to stop the war.

Iran told Pakistan that they will not resume talk to the US until the US honoured the 14-points ceasefire MOU signed on 14 June.

There are no US data scheduled for release today as Meta, Tesla and IBM earnings will be the key focus today.

The main event will be Friday's flash PMI release from Australia, Japan, the EU, UK and the US.

Let's see.

20/10/2026

20 Oct 2026......Market Updates

Here is what had happened last night:

1. China posted another record export boom, as it showed positive numbers including less Unemployment yesterday.

2. NASDAQ recovered 1% as AI trade makes a comeback ahead of today's SpaceX Earnings announcement

3. Putin proposed a 3-way meeting in Shenzhen with Trump and Xi to talk about how to end the Ukraine war during the 18-19 Nov APEC Summit

4. Saudi postpones investor conference as Houthis attacked and killed 58 at Yemen government training camp.

5.Trump's approval falls to record low of 31% in Reuters/Ipsos poll

6. Reports of Hegseth to be removed after the midterms?

The S&P traded sideways even though the NASDAQ recovered 1% and closed @ 7,690 (7,685-7,729).

Crude Futures and Brent Futures fell on news that Trump is buying diesel from Russia and closed @ 98.27 (previous 101.84) while Brent Futures closed flat @ 109.18 (previous 109.95).

The DXY and the US10Y traded higher and closed @ 101.97 (range 101.7102.07) and @ 5.14% (range 5.06%5.15%) respectively.

It was a data-void day yesterday, as China GDP growth registered 4.5% (target 5%) while Unemployment fell from 5.3% to 5.2%.

The strong number was due to Exports and not domestic consumption, which China is aiming for.

Earnings from SpaceX will be announced today right after Musk's successful showcased of his "Flying-Car".

China will be announcing is interest rates decision today.

The USD/JPY finally traded into its SELL-ONE (158.40-158.60) with a high of 158.55 last night.

The XAU/USD could not break above 4200.00 (high 4190.00) before hitting a low of 4136.00.

Technically, the USD/JPY is now ready to reverse trend and trade lower towards 145.00(end 2026) while the XAU/USD is likely to trade lower to its 4100.00-4120.00 BUY ONE for 5485.00 (end 2026).

These are big technical calls but not impossible.

The near future is filled with risk events and geopolitical risks.

Next week will see the Fed, ECB and BOJ announce their interest rates decisions.

Israel will have its election on 27 Oct, while the US will have its Midterms Elections on 3 Nov.

The Houthis are making good progress in recapturing the Red Sea, while Iran continues to terrorise oil shipping in the Straits of Hormuz unrestrained, due to Trump's self imposed counter attack until after the Midterms.

Let's see.

17/10/2026

19 Oct 2026.......Market Updates

The S&P fell last Friday, weighed down by a falling NASDAQ as concerns and scrutiny over AI companies ability to service debts, saw investors rotated out of the tech sector.

Iran's escalated attacks on ships in the Hormuz Straits, attacking 9 ships since last Monday, saw Brent and Crude Futures closing higher @ 109.95 (previous 105.69) and @ 101.84 (previous 97.59) respectively.

The S&P closed lower @ 7,659 (range 7,632-7,751).

The DXY and US10Y also closed lower @ 101.78 (101.58-101.99) and @ 5.07% (range 5.06%-5.13%) respectively.

The trigger was Coreweave (down 25% last week) .

Jansen Huang (Nvidia) spoke up for it but could not contain the negative sentiment.

Meanwhile, the US economy is facing 2 hot wars heating up just 16 days from the US Midterms elections.

The US Budget deficit swells to almost $2 trillion for fiscal 2026, up 12% in a single year.

Despite pouring $750 billion into the Senate races since Labour Day, Trump is losing grip from his voters.

Funded by Trump's megadonors, the effort has produced little "pro-Trump" results in the major Senate battlegrounds.

If anything, Republicans are now shifting campaign funds from offense to defense, as they fortify once-safe states, such as Texas, Kansas and Nebraska while retreating from North Carolina.

Trump now reverses his Russia sanctions that he had signed into law, citing national interest as rationale!

He now made deals to buy Russian diesel as a desperate measure to grip on to lost votes.

Meanwhile, Russia and Ukraine continued to launch attacks on each other, ignoring Trump's self announced Russia/Ukraine peace truce.

The XAU/USD hit a high of 4199.00 and closed @ 4161.00 (range 4147.05-4199.00).

The USD/JPY closed @ 158.02 (range 157.69-158.34).

Technically, the XAU/USD is expected to correct lower to its BUY-ZONE (4100.00-4120.00) over the first half of the week.

The USD/JPY is expected to correct higher towards its SELL-ZONE @ 158.40-158.60.

The week ahead has little directional data as it is a Fed "black-out" week.

Warsh has said nothing during his IMF Meeting in Bangkok about the direction of US interest rates.

China will announce its interest rates decision on Tuesday (hold) while Wednesday will see Meta,Tesla and IBM announce their earnings for 3QTR.

Focus will then be on the US Jobless Claims (Thu) followed by the Flash PMI (Fri) from Australia, Japan, the EU,UK and the US .

The week ahead may not be "quiet" because it is the recent trend that investors "self-spooked" and move the market irrationally on data-void days.

Hence, be mentally prepared as the market is expected to whip inside familiar range without any directional bias.

Let's see.

15/10/2026

16 Oct 2026.......Market Updates

The US PPI registered a very strong 6.3% (consensus 5.3%) while Retail Sales registered 6.29% (previous 5.56%) respectively last night.

The DXY and the US10Y did not react to the robust numbers but eventually fell when Wall Street opened.

The concern over AI debt financing (Coreweave), especially circular financing, huge capex, off-balance sheet borrowing and private credit, saw the sharp rotation out of AI into Health stocks last night.

The rotation from AI stocks to US Treasuries (safe haven) was irresistible now.

The low bond price and high yields attracted safe haven demand and saw the US10Y closing lower @ 5.07% (range 5.03% - 5.41%).

The DXY also followed suit and closed lower @ 102.00 (range 101.9-102.25).

The S&P traded a tad higher, despite the strong US data (pro rate hike) and closed @ 7,744 (range 7,670 - 7,751).

The market has priced in a US rate hike on 30 Oct 2026 and has trimmed its expectations down to 26% for a rate hike.

The XAU/USD was given a "tailwind" as it closed higher @ 4170.00 (range 4111.10 - 4177.72).

The USD/JPY closed at 158.01 (range 157.55-158.25).

Meanwhile, the Houthis was last reported to have hit a palace in Aden with missiles, killing 5 people.

Iran hit 2 Singapore registered oil tankers and is looking for an opportunity to hit a US war ship.

Trump's "no Iran strike" until after the midterms, now allow Iran and the Houthis to hit as many targets as possible in the middle east gulf states.

While this is happening Aramco has formed specialised rapid-response teams to repair pipelines and damages and was successful in its plan, and kept oil pumping while under fire.

The focus today will be Warsh speech at the IMF Meeting (Bangkok) @ 11.30 am Singapore time.

This will be the last time the market will hear from Fed officials as next week is a "black-out" week, a week before the US Interest Rates Decision.

The last data to be released today will be the US Industrial Production and US Capacity Utilisation tonight.

Technically, the DXY seemed to have established a top @ 102.94 (Wednesday high) and is expected to trade lower towards 100.80.

Hence, the XAU/USD is expected to revisit the BUY-ZONE (4100.00-4120.00) with a cap @ 4190.00 today.

The USD/JPY is expected to trade higher to its SELL-ZONE (158.40-158.60) .

Both are still good for 5485.00 and 145.00 (end 2026).

Let's see.

14/10/2026

15 Oct 2026........Market Updates

Last night was a very frightful volatile night!

The US Inflation rate was surprising strong and deepening worries over the cost involve in financing the AI buildout, saw Wall Street falling sharply last night.

The S&P closed lower @ 7,719 (range 7,693 - 7,789) as it gapped down after the US Core CPI and CPI registered a stronger than consensus number.

Both the DXY and US10Y spiked up sharply but closed lower.

The DXY spiked up from 102.08 to 102.93 before closing lower @ 102.13.

The DXY spiked to hit a high of 5.33%, before sliding down and closing @ a low of 5.13%.

The XAG/USD collapsed from 58.90 to 55.37 before closing @ 55.50.

The XAU/USD plunged from 4140.00 to hit a low of 4073.32 before closing 4100.00.

Eight sectors of the S&P fell as NASDAQ clocked its biggest fall in 3 months.

Coreweave and Meta bond price fell 20%, as built-up concerns over circular financing of AI companies blew up last night.

The US government has done 35 equity-stakes since 2025, which is something that the US government has never done in the past.

Trump flexed its administration muscles in the private sector and embraces AI as the next important segment to make America great again, at a time where its debt and deficit continues to widen.

This is an attempt to catch up with China in the AI race,

Meanwhile, China posted a positive Trade Balance @ 133.53B, way above its consensus and previous 116B and 119B yesterday!

China exports had done exceptionally well and in a record short time too.

The gap between the US and China is fast widening and Trump still has the middle east war and the mid-terms elections to grapple with.

The USD/JPY traded above 158.75, hit a high of 159.95 before crashing down to a low of 158.05, likely on unwinding of US stocks to repay JPY loans.

Technically, the clock-work precision calls were disrupted with last night's move.

Will rescind from making any technicals call today and allow the market to settle first.

Far East Session may do another round of last night's damage before the release of the US Retail Sales , PPI and Jobless Claims tonight.

Let's see.

13/10/2026

14 Oct 2026.......Market Updates

US stocks were muted on Tuesday, after the 4 big banks reported mixed earnings and investors decided to focus on today's US Core CPI/CPI and Beige Book data.

US Existing Home Sales unexpectedly increased in September, as rising inventories offered buyers more choices.

Meanwhile SpaceX shares gave up most of its recent gains after China's biggest memory chipmaker (CXMT) said that it had made real progress on a new chip design that crams more data into less space.

Meanwhile, Anthropic warns that AI models may soon self-replicate without access to data centers!

Polls now suggest that the Democrats are poised to win the House of Representatives and also have an edge in the race for the Senate.

On the geopolitical front, Saudi Aramco's HQ was hit by a Houthi's missile while Iran says it is still reviewing the US response to its 7-conditions for the re-opening of the Hormuz Straits.

The diesel deal made between Trump and Putin can last less than 2 weeks of U.S demand, while more Republicans came out against Trump's diesel deal with Putin.

WTI and Brent Futures traded sideways and closed @ 94.67 (yesterday 93.16) and @ 106.29 (yesterday 106.22) respectively.

The S&P was muted and closed @ 7,805 (range 7,786 - 7,812).

The DXY and the US10Y traded a tad lower and closed @ 102.21 range 102.17 - 102.44) and @ 5.21% range 5.17% - 5.23%) respectively.

The USD/JPY tanked below 158.00 to a low of 157.83 on hawkish BOJ statements but recovered to hit a high hof 158.53 before closing @ 158.35.

Technically, it has corrected back into its SELL-ZONE and 158.50 is expected to cap for a break below 157.80 today.

The XAU/USD corrected inside its expected correction dip (range 4146.00 - 4200.00) yesterday.

Technically, we should see one last dip towards 4120.00 today, before it reverses to resume its uptrend towards 4500.00 (1st pit stop).

Meanwhile, AI is propelling US stocks to record highs, while simultaneously weighing on real GDP growth.

The AI growth story predicates on building more AI data centers and infrastructure, but it also means more imports, which will widen the trade deficit further.

That is not enough to slow the US economy, but enough to ensure it doesn't accelerate.

We are now 20 days away from the US Mid-Terms.

The geopolitical crisis in Ukraine and Middle East continue to escalate.

The US 3QTR Earnings season has just started, so expect an uncomfortable volatile ride into the end of the month.

The US and Japan will announce their interest rates decision on 28 and 30 Oct 2026.

Morgan Stanley and BlackRock will be announcing their earnings today.

Let's see.

12/10/2026

13 Oct 2026.....Market Updates

Oil prices, the DXY, US10Y and the S&P all rallied higher last night as the latest attack on Saudi International Airport and Russian new attacks on Ukraine power installations, became the negative headlines of the day.

The DXY hit an 18th month high and closed @ 102.59 (range 102.15 -102.54).

The US10Y closed @ 5.44% (range 5.22% - 5.26%) while the S&P hit another historical high and closed @ 7,807 (range 7,796 - 7,820).

Microsoft reclaims $4 trillion market cap as AI counters surged ahead of the start of the US 3QTR Earnings season today.

Goldman Sachs, Wells Fargo, JPMorgan and Citi Group will be announcing their earnings today.

Meanwhile, Iran says it is currently reviewing US response to its proposal regarding the reopening of the Hormuz Straits.

Despite Trump's ceasefire announcement on Russia/Ukraine, 6 energy targets in Ukraine were hit by Russian airstrikes yesterday.

US yields surge triggered mortgage hedging which added pressure to the bond market last night.

Despite the higher yields, the S&P is still climbing.

This is now a concern for investors as the S&P is clearly overvalued and may just crack, as household debt continues to rise amidst dwindling household savings and stagnant wages.

Only the 1% ultra-rich in the US is rejoicing but that again may vapourise when the stock market reverses suddenly, on below-expectations news.

The FOMO on AI stocks as they relentlessly climbed higher, is still fueling the market before the US Midterms on 03 Nov 2026.

Meanwhile the UK is now considering re-joining the EU and the outcome is likely to be known during the UK-EU Summit on 20 Nov 2026.

The XAU/USD hit a high of 4217.00 (missed its target 4225.00) and reverses to hit a low of 4154.00 before closing @ 4171.00 yesterday.

Technically, the price action is panning out like clockwork and is expected to revisit 4115.00 today, before correcting lower towards the 4120.00 BUY ZONE.

Japan was out on holiday yesterday and the USD/JPY hit a high of 158.75 (surpassing its 158.65 1-minute chart projection).

It closed @ 158.60 and technically, it is now ready to collapse towards 155.00.

Let's see if the BOJ is ready to step in during the Far East session today.

The DXY has hit another marginal new high and is expected to correct lower today.

Today's highlights will be the RBA Minutes, US ADP Employment Change and the earnings reports from the 4 big banks tonight.

Let's see.

10/10/2026

12 Oct 2026.......Market Updates

Trump "TACO" and struck a deal with Russia, contradicting Russian sanctions law to buy diesel fuel from Russia in a desperate attempt to bring down diesel prices ahead of the midterm elections on 3 Nov 2026.

The S&P rallied to another new historical high and closed 7,811 (range 7,779-7,819).

However, Brent and WTI both traded higher and closed 104.50 (recent range 95 - 109) and @ 91.66 (recent range 87 - 106).

The DXY traded higher and closed @ 102.23 (range 101.92 - 102.33). The US10Y traded lower and closed @ 5.24% (range 5.21% - 5.27%).

The XAU/USD recovered higher from its 4065.00 low and closed @ 4190.00 (range 4141.19-4207.95).

The XAU/USD is still tracking the US10Y closely.

Meanwhile, tanker attacks surge to a high as Iran tries to choke off oil exports after Yemen regained control of the Red Sea from the Houthis.

Oil tankers came under attack almost daily. To date, a total of eleven tankers came under attack while transiting the Hormuz Straits.

US Consumer Sentiment fell in October as frustrations over the higher cost of living even when the Core PCE Price Index registered a dip.

With only 25 days more to go before the US Midterms, Trump is now desperate to ""deliver" a lower cost of living like a drowning man clutching for straws.

He even postpones his Iran attacks till after the midterms so as to save his popularity polls from dropping further.

Although, last week saw good demand for the US Treasury Bonds, investors are also quick to hedge against future sell-off in Treasuries.

Mortgage hedging is gathering pace, and SHORT Treasury Futures positions are mounting which can go awry should there be any negative AI news pertaining to AI supply chains, AI debt financing, AI circular financing and AI agents running "amok" without human supervision.

This is the least understood aspects of the fixed income world and the pressure is building.

The week's focus will be the start of the US Earnings Season with Goldman Sachs, JPMorgan, Citigroup and Wells Fargo releasing its earnings on Tuesday.

US CPI, PPI and Retail Sales and the Beige Book will be released from Wednesday onwards.

Monday is a Japan holiday, and no data are scheduled for release.

The market is expected to consolidate last week's events and data on Monday and hence it is expected to be quiet.

Technically, the USD/JPY will see a test of 158.60 before turning south for 155.00 first.

The XAU/USD is expected to test 5225.00-4230.00 before correcting lower towards 4100.00-4125.00 (BUY-ZONE for 5485.00 by end 2026).

Let's see.

09/10/2026

09 Oct 2026.......Overnight Updates

Here is what has happened last night:

1. The US Jobless Claims came out fewer than expected, indicating a still robust US economy

2. Trump announced that he will not attack Iran before the midterm elections on 3 Nov 2026

3. US tech and AI stocks sank after report of OpenAI annualised revenues are $20 billion lower than $70 billion signalled earlier.

4. The US30Y Bond Auction was very well received.

The DXY, US10Y, S&P, WTI and Brent Futures all traded lower after Trump's announced that he will not attack Iran for now.

The DXY and the US10Y closed @ 102.11 (range 102.04 - 102.46) and @ 5.23% (range 5.21% - 5.35%) respectively.

The Brent and WTI Futures eased off from their highs to close @ 103.00 (high 105.25) and @ 91.07 (high 93.14).

It was generally "good news" except for the S&P as the concerns of investors about the AI debt and circular financing affecting future returns reacted unfavourably to OpenAI's revenue numbers., especially when AI prices are at the current record highs.

The US30Y Bond Auction went very well as demand was strong as the bid/cover ratio of 2.4 was one of the highest in the last decade.

The US Treasury has successfully sold nearly $120 billion of the 3,10 and 30-year debt.

What is left is the high US inflation (due to Trump's tariff and the Iran war ....all self-inflicted).

Fed Musalem said that the Fed could tighten more as inflation continues to stay elevated.

Hurricane Isaias is expected to hit the US Gulf Coast and about 1.3 million barrels of US Gulf of Mexico oil output has shutdown ahead of the storm.

Technically, the USD/JPY managed to closed below 158.00, leaving 158.50 as a formidable resistance for above towards 145.00 (end 2026).

Japanese policy makers are now more inclined to hike rates 2 weeks from now.

The XAU/USD spiked up from its recent 4065.00 low and managed to closed above 4120.00 last night.

Taking a cue for the price actions from the XAG/USD, the XAU/USD is now ready to see higher 4225.00 as its first mini pit stop.

The uncertainty from the three major US Bond Auction this week took its toll on the XAU/USD, enabling a false break of 4100.00.

With that now out of the way and also a successful take up on the US bonds, Yields are expected to ease, supporting the XAU/USD.

We have come to the end of the week and the US 1-Year/5-year Inflation Expectations will be released tonight.

Far East session is likely to see an unwinding of this entire week's "anxiety" by selling the dollars ?

Let's see.

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