As summer transitions into fall, both monetary policy and political developments will play crucial roles in shaping the investment and business landscape. The Federal Reserve is expected to join up to seven other G10 central banks in reducing interest rates in September. While the Bank of England is unlikely to cut rates immediately, another rate reduction is anticipated by the end of the year. On the other hand, the Reserve Bank of Australia and Norway's Norges Bank have indicated that it's too early for them to lower rates. Meanwhile, gold prices have retreated from recent highs, and oil prices remain steady above a strong support zone.

Asia-Pacific Markets
Japanese institutional investors, including pension funds and insurance companies, have accumulated significant holdings of foreign bonds and stocks, totaling several trillion dollars. This raises concerns about potential risks that could trigger massive repatriation, leading to a sharp rise in the yen. Currently, the U.S. dollar is gaining against the yen, with the nearest resistance level between 148 and 149.

European Markets
In Europe, Germany will hold three state elections in September, with Thuringia and Saxony voted on September 1, followed by Brandenburg on September 22. The Euro and British Pound remain relatively stable, with markets seemingly awaiting catalysts that could drive volatility.

American Markets
Federal Reserve Chair Jerome Powell provided clear guidance at the Jackson Hole symposium, confirming market expectations that the easing cycle would begin in September. Although inflation hasn't yet reached the 2% target, Powell expressed greater confidence that it is on a sustainable path toward that goal. With a light data calendar on Monday and holidays in the U.S. and Canada, a low-liquidity, thin market is expected to prevail.