Last week was marked by renewed volatility on several markets.

Indeed, all eyes were on Thursday's ECB meeting, with strong expectations from equity markets for a 25bps rate cut.

Against a backdrop of increasingly well-controlled inflation, according to Christine Lagarde, this rate cut did indeed take place, and opens the door to a further quarter-point reduction in December.

On the same day, the Philly Fed index of U.S. production rose more strongly than expected in October, +10.3 vs. +1.7.

Added to this, retail sales growth of +0.4% versus +0.3% expected. The EURUSD was propelled to the 1.08 level after breaking through the 1.09 floor last week. As a reminder, 1.12 at the beginning of October.

With the US elections approaching, the dollar is gearing up for further gains, with the euro having few arguments in its favor.

Another week of declines for the Euro could crystallize and set up a trend that would take us towards 1.0700.

This uncertain backdrop did not prevent equity markets from outperforming, with the CAC 40 up 1.22% on Thursday alone.

But it is also boosting safe-haven assets such as gold, which is breaking new records at over $2,700 an ounce, representing an increase of +35% over 2024.