As we enter October, macroeconomic indicators are ramping up the tension once again. With the recent rebound of the Dollar Index (DXY) to the 101.66 level, and the market pricing in a 64% probability of an interest rate freeze at the upcoming October FOMC meeting, concerns over liquidity tightening are beginning to emerge. Coupled with broad institutional pressures—such as the U.S. ADAPT bill and new regulatory proposals from ESMA in Europe—the risk asset market is catching its breath at the start of Q4.

Of course, positive signals like institutional inflows and financial infrastructure partnerships continue to surface. However, in a phase where macroeconomic liquidity is drying up, even strong individual catalysts may struggle to gain momentum. For the time being, it seems safer to monitor the dollar's strength and the FOMC's moves calmly rather than chasing the market aggressively.

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