Weekly Update 20 Sep 2024 New Lows for National Currencies

Once again, national currencies and bonds moved lower and cryptos rose, while stocks and commodities were mixed. Ethereum and silver had the largest gains, rising 3.4% and 3.3% respectively, followed by Bitcoin, up 2.9%, and cotton, up 2.7%. The largest losses were in coffee, down 5.4%, the Japanese Yen, down 3.2%, and the long dated treasury bonds, down 2.7%.

Many national currencies made new all-time lows this week, including the US and Canadian Dollars, the Euro, the Swiss Franc, and the Chinese Renminbi. Exceptions were the Japanese Yen and the Pound Sterling; the Yen hit bottom earlier this year, and the Pound (not in chart) bucked the trend, rising 0.23% after making a new all-time low last week.

The Dow Jones Industrial Average and the S&P 500 rose slightly, but despite reaching new all-time highs when measured in US Dollars, they are more than 60% below their all-time highs when measured in gold. Gold mining stocks were the week's worst performing equities, with the HUI falling 1.1%.