After a strong bull market year, many investors have locked in large gains. And they will face a big tax bill in April.

Bitcoin trades near $94,900 before the Fed’s expected rate cut, but bearish technicals and a potential "sell the news" reaction threaten a reversal toward $85,000.

The Fed is widely expected to deliver a hawkish cut, which leaves the risk on short-dated US rates and the dollar skewed to the upside.

The Canadian dollar attempts to stop the downturn, which has seen it break through multiple supports.

Global macro is entering a clear inflection point. In the US, the Fed is widely expected to deliver what may be its last 25bp cut for some time.