Market Moves: Week Ending 20 September 2024

• Cryptocurrencies (BTXX, EBTC, EETH, IBTC) were the top performing assets last week. Risk assets rallied in general after the Fed surprised the market by cutting interest rates in the US by 50 basis points.¹ Bitcoin in particular outperformed after the US Securities and Exchange Commission approved Nasdaq’s application to list derivatives on Bitcoin ETFs, signalling further institutional adoption of the alternate asset class.²
• A leveraged US dollar fund (YANK) was the poorest performer of the week. Apart from the Fed cutting interest rates by half a percent last week, the September Fed dot plot, which showcases each Fed member’s preferred interest rate path, indicated US rates may be cut by a further 0.7% before the end of year.³ Currencies tend to devalue in relation to other currencies as domestic interest rates fall.
• There were $653.7 million in reported inflows for the week and $109.8 million in outflows, marking a week of net inflows for the Australian ETF industry.

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^{Forecasts are not guaranteed and undue reliance should not be placed on them. This information is based on views held by Global X as at 24/09/2024. Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.}

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^{This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information is not intended to be individual or personalised investment or tax advice and should not be used for trading purposes. Please consult a financial advisor or tax professional for more information regarding your investment and/or tax situation.}