Fiona Sincotta

Yeah, I mean, we had a really solid rally last week, you know, on those expectations that the Federal Reserve will be cutting interest rates in December.

But as we start off this new week, there's been a turnaround in that sentiment.

And I think the catalyst for that, for me, came from Japan.

hawkish tone, really ramping up sort of expectations for a December rate hike.

Now, what does this mean and why is it important?

Basically, there are concerns now that we might see the unwinding of the carry trade.

So, that's when we sort of have institutions, investors borrowing in the low interest yen in order to invest in higher yielding riskier assets.

I mean, this is front and central, I think, in a lot of investors' minds at the moment, particularly as soon as we hear the name NVIDIA.

NVIDIA has been investing in firms that are or will be major customers of its products.

So that has raised concerns.

within sort of the markets.

And we've seen that play out in previous weeks where Nvidia really has come under a lot of pressure.

It does feel like that is sort of starting to turn a little bit of a corner.

But I think, you know, longer term, this technology does have a broad use.

And I think that's why over the longer term, this trade is still one that has upside.

Well, crypto, I mean, every Monday I feel I wake up and something else is happening in crypto.

And that fear that there might be a slight reduction in liquidity if that unwinding of the carry trade happens is what I see pulling on crypto.

Institutional demand is still very weak.

You know, we saw November ETFs, they saw outflows of 3.48 billion.

So huge outflows.