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[Dollar's Resilience? Multiple Factors Shake Up Global Markets] ⑴ The Federal Reserve's upcoming interest rate decision has global markets eagerly anticipating the extent of subsequent rate cuts, allowing the US dollar to stabilize at a four-year low. US retail sales grew 5% in August, reaching an annualized rate of 5%. This strong data dampened market expectations for a larger rate cut this week, making a 25 basis point cut the mainstream bet. This also led to a slight decline in gold prices. Despite this, long-term US bonds continued to rise, with the 30-year Treasury yield approaching a four-month low of 4.62%, driven by strong demand at a 20-year bond auction. ⑵ In Asian markets, the Hong Kong stock market closed at a four-year high, primarily driven by expectations of a Fed rate cut, a weaker US dollar, and gains in technology stocks. Renewed confidence in China's artificial intelligence sector, coupled with news that US President Trump had reached an agreement on TikTok's operations in the United States, boosted the appeal of risky assets. However, Nvidia's stock price fell following reports of weak demand in the Chinese market and news that Chinese regulators had ordered local tech companies to stop purchasing Nvidia AI chips. ⑶ The foreign exchange market experienced significant volatility. Despite the euro hitting a four-year high against the dollar, the dollar stabilized today, with the US dollar index rebounding slightly from a two-month low. Meanwhile, the offshore Chinese yuan continued to strengthen, reaching a new high for the year, outperforming its performance since last year's US presidential election. The yen rose to a one-month high on the heels of the Bank of Japan's upcoming policy decision. The Canadian dollar remained stable ahead of an expected rate cut by the Bank of Canada, after weak August inflation data reinforced market expectations of a rate cut. The Australian dollar retreated from a one-year high reached the previous day. In the UK, the British pound hovered near a two-month high against the US dollar as Trump's visit and the Bank of England's policy decision approached. UK stocks and government bond prices also strengthened. The UK and the US signed a "Tech for Prosperity Agreement" for cooperation in artificial intelligence, quantum computing, and civilian nuclear energy, with major US companies pledging £31 billion in investment in the UK. Although UK inflation remained at 3.8% in August, the highest among major developed economies, market expectations for further rate cuts by the Bank of England this year have weakened.