Gold price (XAU/USD) holds steady near $4,080 during the early Asian session on Friday. The upside for the precious metal might be limited as strong US jobs data dims Federal Reserve rate cut expectations

GBP/USD cut off a four-day losing streak on Thursday, catching a thin technical bounce from the 1.3050 region.

Today was a Treasury settlement day—not a large one at $18 billion, but given how much cash has already been taken out this month, each additional settlement appears to compound the pressure.

VIX shot up higher. The Dollar chopped around and closed exactly where it had been last night. Bitcoin continues to get sold, and is on the kind of support I call the threshold of the House of Pain.

We discuss the growing fragility beneath today’s markets: from the AI mania and shadow-banking risks in private credit to the K-shaped economy and rising pressure on both households and asset prices.