The DXY has lost 9% since January 2026. Three structural drivers — US fiscal drift, global reserve de-dollarisation and the Fed pivot — are redefining the return equation for European investors.
Gold has corrected 27% from its January 2026 peak of $5,595/oz. With the Fed on hold, a weakening dollar and sustained central bank purchases, does the $4,000-4,200/oz zone offer a tactical entry window?
L'or a corrigé de 27 % depuis son pic historique de janvier 2026 à 5 595 $/oz. Face à une Fed en pause, un dollar affaibli et des achats de banques centrales soutenus, la zone 4 000-4 200 $/oz offre-t-elle une fenêtre d'entrée tactique ?
The Fed holds rates at 3.50-3.75% at the July 29 FOMC. Inflation falls to 3.5%, gold breaks ,180/oz and silver surges +5%. Portfolio implications for wealth management clients.
June 2026 US CPI at +3.2% YoY (core +3.5%), above consensus. We decode the key components, revised Fed rate scenarios, and portfolio allocation adjustments.