Cross-Asset Macro Panel: Daily Regime Read Across Currencies, Yields, Metals & Crypto
The Cross-Asset Macro Panel answers one question every morning: what is today's macro regime, and what changed?The page synthesizes 15 cross-asset instruments into four macro drivers — Dollar / Liquidity, Rates / Duration, Growth / Cyclical, Defense / Stress — and classifies the day's read as Reflation, Risk-On, Stagflation, Slowdown, Liquidity Easing, Dollar Stress, or Mixed. Opinionated, but transparent: every score is a mean of % from 50d MA across known instruments.
Pair this read with the HYG/LQD credit-spread signal, VIX term structure, Hindenburg Omen, and sector health dashboard for cross-asset confirmation.
Today's reading
As of market close on October 5, 2026, the cross-asset macro regime is REFLATION / HOT GROWTH and steady — growth impulse +7.6, liquidity pressure +5.3 (scores are the mean % distance from 50-day averages across 15 instruments). Reflation / Hot Growth regime — dollar / liquidity tightening, rates / duration tightening, growth / cyclical growth bid, defense / stress defense sold. Biggest changes today: Copper (CPER) (reclaimed 50d ma).
Sources, methodology & freshnessDaily prices for 15 cross-asset instruments from our price database · Daily after market close (~1pm PT)Data as of 2026-10-05 · Open ↓Close ↑
Source
Daily prices for 15 cross-asset instruments from our price database
Methodology
Per-instrument returns + 20/50/200d trend, plus 4 featured ratios
Updates
Daily after market close (~1pm PT)Data as of 2026-10-05
Maintained & reviewed by Yuriy Matso — methodology shown on the page.
Macro regime
Reflation / Hot Growth
Reflation / Hot Growth — steady
Growth Impulse
+7.6
Δ1d -0.14
Liquidity Pressure
+5.3
Δ1d +0.36
Reflation / Hot Growth regime — dollar / liquidity tightening, rates / duration tightening, growth / cyclical growth bid, defense / stress defense sold.
01
Macro regime map
X = Growth Impulse, Y = Liquidity Pressure. Faint dot = yesterday; arrow shows today's direction of travel. Shaded center = neutral band (no clean regime).
Macro Drivers
Current posture for each macro pillar. Scores are mean % from 50d MA, signed to the pillar's axis; today's move is shown as secondary context.
Dollar / Liquidity
+2.43
Active Dollar Tightening
Dollar pressure is above neutral; a stronger dollar is tightening financial conditions.
EasingNeutralTightening
$DXY+2.1UUP+2.5EURUSD+2.6
Todaytightening +0.27
Rates / Duration
+8.22
Strong Rate Pressure
Yields are still above trend, so rates remain a macro headwind even if today eased.
Duration TailwindNeutralRate Pressure
$TNX+9.6$TYX+6.8
Todaytightening +0.44
Growth / Cyclical
+4.66
Active Growth Bid
Cyclical proxies are above trend, making growth the strongest constructive pillar in the macro read.
Growth FadingNeutralGrowth Bid
COPX-1.3CPER+0.1USO+4.7IBIT+15.1
Todayfading -0.05
Defense / Stress
-2.92
Active Calm Tape
Defensive proxies are being sold or lagging, which supports a cleaner risk-on read.
Calm TapeNeutralDefense Bid
GLD-4.3SLV-4.6USDJPY+0.1
Todayrising +0.09
02
Key ratios
Gold / Copper
9.5221GLD vs CPER (copper futures ETF) — classic risk-on/off via metals. Note: COPX is copper miners with equity beta, not a pure copper proxy.
1d -1.01%1m -7.36%
CONFIRMSdown → consistent with Reflation / Hot Growth
USD / JPY
157.9480Yen carry trade health and global liquidity
1d +0.06%1m +1.37%
WATCHflat — no fresh signal
Dollar Index
102.1500$DXY — global dollar strength / liquidity
1d +0.22%1m +3.18%
WATCHflat — no fresh signal
10Y Yield
5.3110$TNX/10 — duration risk and growth signal
1d +0.64%1m +11.53%
CONFIRMSup → consistent with Reflation / Hot Growth
03
Raw macro tape
All 15 instruments — full daily change heatmap and per-category cards.
Daily Change Heatmap
1-day return for every instrument, color-coded. Green = up, red = down. Intensity scales with magnitude.
Currencies
Treasury Yields
Metals
Energy
Crypto
04
Cross-asset instrument summary
Compact reference table covering all 15 instruments — symbol, asset class, latest date, latest value, daily change, monthly change, year-to-date, and trend alignment vs the 20/50/200-day SMAs.
| Symbol | Class | As of | Last | 1d | 1m | YTD | 20/50/200d |
|---|---|---|---|---|---|---|---|
| $DXY | Currency | 2026-10-05 | 102.15 | +0.22% | +3.18% | +3.94% | UP/UP/UP |
| UUP | Currency | 2026-10-05 | 28.99 | +0.35% | +3.50% | +7.25% | UP/UP/UP |
| USDJPY | Currency | 2026-10-05 | 157.948 | +0.06% | +1.37% | +0.79% | UP/FLAT/FLAT |
| EURUSD | Currency | 2026-10-05 | 1.1218 | -0.32% | -3.51% | -4.50% | DOWN/DOWN/DOWN |
| $TNX | Treasury Yield | 2026-10-05 | 5.31% | +0.64% | +11.53% | +27.58% | UP/UP/UP |
| $TYX | Treasury Yield | 2026-10-05 | 5.67% | +0.62% | +8.05% | +17.05% | UP/UP/UP |
| GLD | Metal | 2026-10-05 | 379.55 | -0.16% | -7.48% | -4.23% | DOWN/DOWN/DOWN |
| SLV | Metal | 2026-10-05 | 55.13 | +0.71% | -8.95% | -14.42% | DOWN/DOWN/DOWN |
| COPX | Metal | 2026-10-05 | 86.33 | +0.49% | -5.39% | +20.25% | DOWN/DOWN/UP |
| CPER | Metal | 2026-10-05 | 39.86 | +0.86% | -0.13% | +14.02% | FLAT/FLAT/UP |
| USO | Energy | 2026-10-05 | 143.99 | -2.29% | — | ⚠ | DOWN/UP/UP |
| UNG | Energy | 2026-10-05 | 10.55 | +0.76% | +0.57% | -13.95% | FLAT/UP/DOWN |
| IBIT | Crypto | 2026-10-05 | 48.56 | +1.74% | +4.77% | -2.20% | UP/UP/UP |
| BITO | Crypto | 2026-10-05 | 11.44 | +1.42% | +3.91% | -5.92% | UP/UP/UP |
| GBTC | Crypto | 2026-10-05 | 66.23 | +1.72% | +4.73% | -3.12% | UP/UP/UP |
⚠ marker indicates period returns are suppressed for that symbol pending split-adjusted history. Trend column shows alignment vs 20/50/200-day SMAs.
05
Per-instrument methodology and caveats
What each instrument actually tracks, why it's included, what's tricky about it, and how to interpret price direction in risk-on/risk-off terms. Many cross-asset proxies are imperfect — COPX is copper miners (equity beta), USO is crude futures (not spot WTI), BITO is BTC futures (not spot). This table makes those choices explicit.
| Symbol | Proxy type | Why included | Caveats | Risk impulse |
|---|---|---|---|---|
| $DXY | CBOE Dollar Index (cash-settled future) | Most-watched dollar strength gauge | 57% EUR-weighted; not a true trade-weighted dollar | Rising DXY tightens global liquidity; often risk-off |
| UUP | Dollar Bull ETF (futures-based) | Tradeable proxy for DXY exposure | Tracking error vs spot DXY due to futures roll | Rising UUP ≈ rising DXY; often risk-off |
| USDJPY | Forex pair | Yen carry-trade gauge; major funding currency | Sensitive to BoJ policy and US-JP yield differential | Falling USDJPY can signal carry unwind risk-off |
| EURUSD | Forex pair | Largest FX pair; ~57% of DXY basket | Inverse-correlated with DXY by construction | Rising EURUSD = falling DXY; often risk-on |
| $TNX | CBOE 10-Year Treasury Yield Index (×10) | Standard intermediate-term yield proxy | Quoted as ×10 by exchange; we display as percent yield | Rising 10Y = duration negative, growth positive (mixed) |
| $TYX | CBOE 30-Year Treasury Yield Index (×10) | Long-end yield gauge | Same ×10 quoting convention as $TNX | Rising 30Y = duration negative; long-bond holders pressured |
| GLD | SPDR Gold Trust ETF (physical bullion-backed) | Most-liquid gold proxy | Tracks gold price closely; minimal tracking error | Rising GLD often risk-off (safe-haven demand) |
| SLV | iShares Silver Trust ETF (physical-backed) | Silver proxy; partial industrial-metal correlate | More volatile than gold; mixed safe-haven / industrial | Rising SLV is mixed (industrial + monetary) |
| COPX | Copper Miners equity ETF (NOT pure copper) | Most-liquid copper-exposed equity ETF | Equity beta to S&P 500; not a pure copper-price proxy | Rising COPX usually risk-on (growth-positive) |
| CPER | Copper Futures ETF (futures-based) | Closer-to-spot copper proxy than COPX | Futures roll affects long-term tracking | Rising CPER usually risk-on (growth signal) |
| USO | Crude Oil Futures ETF (NOT spot WTI) | Most-liquid crude oil retail proxy | Underwent reverse splits; long-term return data may need adjustment | Crude up + gold up = stagflation risk; otherwise growth-positive |
| UNG | Natural Gas Futures ETF | Natural gas exposure | Heavy futures-roll decay; very poor long-term tracker | Sensitive to weather and supply shocks; mixed signal |
| IBIT | Spot Bitcoin ETF (iShares; launched Jan 2024) | Cleanest spot-BTC proxy; high volume | Limited history (launched 2024) | Rising BTC often correlates with risk-on / liquidity easing |
| BITO | Bitcoin Futures ETF (ProShares, launched 2021) | Older BTC-exposure ETF for longer history | Tracking error vs spot due to futures roll | Rising BTC often correlates with risk-on |
| GBTC | Grayscale Bitcoin Trust (converted to spot ETF 2024) | Longest BTC-exposure history (since 2015) | Pre-2024 data reflects trust premium/discount, not pure spot | Rising BTC often correlates with risk-on |
06
Three ways to watch cross-asset macro
Cross-asset reading isn't a single product — most traders combine views from a fixed dashboard like this one, a custom watchlist platform, and (for professionals) a market-data terminal. Here's how the three approaches compare for a daily macro read.
| Property | Cross-asset panel (this page) | Watchlist platform (TradingView, Yahoo, etc.) | Terminal workflow (Bloomberg, Refinitiv) |
|---|---|---|---|
| Pre-built instrument set | 15 fixed cross-asset instruments + 4 featured ratios | User builds their own watchlist | Anything; build via launchpads / monitor pages |
| Risk-on/off ratios computed | Gold/Copper, USD/JPY, DXY, 10Y pre-computed | Manual ratio chart per pair | Manual or scripted (BBG formulas) |
| Trend badges (20/50/200d) | Auto-classified per instrument | Visual chart inspection | Custom indicators or scripts |
| Update cadence | Daily after close | Real-time (free tier delayed for some venues) | Real-time intraday |
| Cost | Free, no account | Free tier; paid for full features | Subscription |
| Best for | 15-second daily macro read; consistent set of instruments | Custom watchlists, charting, backtesting | Real-time execution, fixed-income detail, news flow |
Most traders who use this kind of single-screen panel pair it with at least one of the others — the panel for consistency, a watchlist platform for charting, and (where budget allows) a terminal for execution and intraday detail.
Macro regime
Reflation / Hot Growth
Reflation / Hot Growth — steady
Growth Impulse
+7.6
Δ1d -0.14
Liquidity Pressure
+5.3
Δ1d +0.36
Reflation / Hot Growth regime — dollar / liquidity tightening, rates / duration tightening, growth / cyclical growth bid, defense / stress defense sold.
How Cross-Asset Macro Panel Works
- 1Pull daily prices for 15 cross-asset instrumentsEach trading day after the close, we fetch closing prices for the Dollar Index ($DXY), USD/JPY, EUR/USD, UUP, 10Y and 30Y Treasury yields ($TNX, $TYX), gold (GLD), silver (SLV), copper (COPX, CPER), crude oil (USO), natural gas (UNG), and three Bitcoin proxies (IBIT, BITO, GBTC) directly from the TradeStation market-data API.
- 2Compute returns, trends, and four featured ratiosPer-instrument: 1-day, 1-week, 1-month, 3-month, and YTD returns. Trend status vs the 20-day, 50-day, and 200-day moving averages (UP / DOWN / FLAT). Four featured ratios — Gold/Copper, USD/JPY, DXY, 10Y yield — with 252-day sparklines.
- 3Render as a scannable single-screen panelDaily-change heatmap up top (color-coded by % move), featured ratios row, then per-category instrument cards (currencies, yields, metals, energy, crypto). Designed for a 15-second macro read before each trading session.
Who Uses Cross-Asset Macro Panel
Day Traders
Get a 15-second cross-asset read before the open. Is the dollar bid? Are yields up? Is gold spiking? The cross-asset tape often confirms or contradicts the equity narrative — a useful context input alongside your usual setups.
Cross-Asset Watchers
Spot regime shifts as they appear in the cross-asset tape. Sharp USD/JPY breakdowns, copper rolling over, or crude diverging from gold are all worth flagging — though context (news flow, macro calendar) determines whether they're actionable.
Allocators / ETF Rotators
See which asset class is leading week-over-week. Cross-asset trend alignment is consistent with — but not a guaranteed signal of — durable regime change. Useful as one input among several for allocation decisions.
Long-Term Investors
Weekly macro snapshot for portfolio context. Use trend alignment (20/50/200d) to separate short-term noise from longer-running shifts. Pair with credit, breadth, and vol indicators for a more complete read.
Pro Tips
01
Gold/Copper rising = growth fear
Gold is a safe-haven; copper is the canonical growth metal. When the ratio rises, investors are buying defense and selling growth. Falling ratio = risk-on, growth-leaning.
02
USD/JPY falling fast often signals carry-trade unwind risk
The yen has long been a major funding currency for leveraged trades. Sharp USD/JPY drops (e.g., several percent in a session) have historically coincided with spillover risk-off moves in equities and emerging markets. Watch the size and speed of the move as well as its direction.
03
DXY breakouts tighten global liquidity
A breakout to new highs in DXY tightens financial conditions for every non-dollar borrower. Watch for outsized moves in EMB (EM bonds) and EM equity ETFs as confirmation.
04
10Y up + Stocks down = duration repricing
When 10Y yields rise sharply and stocks fall together, it's a duration shock — the discount rate is rising. Long-duration tech (and TLT itself) takes the brunt of these moves.
05
Crude up + Gold up = stagflation worry
Both rising together is unusual. It typically signals investors are pricing higher inflation AND lower growth simultaneously — a classic 1970s-style stagflation setup.
06
BTC + crude divergence flags risk decoupling
When Bitcoin sells off but crude rallies, traders are differentiating between speculative risk (BTC) and real-economy risk (crude). The narrative matters: read the news cycle alongside the prices.
07
Look for trend alignment across 20/50/200d
A single timeframe trend (e.g., 20d UP) can be noise. Alignment across all three (UP/UP/UP) is the strongest signal a true trend is in place. Misalignment = mixed regime.
08
EUR/USD and DXY are inversely correlated
EUR/USD makes up ~57% of the DXY basket. They almost always move in opposite directions. When they move the same way, suspect a data-quality issue or a major regime shift in the basket weights.
Common Issues & Solutions
Why are some yields shown as 4.39 and others as 43.9?▾
TradeStation publishes Treasury yields as ×10 (so 4.39% comes through as 43.9). Our backend divides by 10 before display, so the page shows the actual yield in percent (4.39%). All return calculations are scale-invariant so the percentages are correct either way.
IBIT history is shorter than other instruments▾
IBIT (the iShares spot Bitcoin ETF) only launched in January 2024. Its sparkline shows the available history. BITO (BTC futures, launched 2021) has more history; GBTC (Grayscale, since 2015) has the longest BTC-related history.
USO YTD return looks unusually high▾
This is a known data issue: the historical USO CSV may pre-date a corporate action (the 2020 1-for-8 reverse split). The percent change figure is computed from the raw CSV close prices and may be inflated. We're aware and will normalize. The trend direction is still useful; the absolute return number is not.
Some instruments show different "as of" dates▾
Different exchanges publish closing data at different cadences. Index symbols ($DXY, $TNX) typically settle a few minutes after the equity close; ETF closes are immediate. Our 1pm PT cron pulls all of them, but a few may not have today's bar yet on first refresh. Tomorrow's run aligns them.
Frequently Asked Questions
What is the DXY (Dollar Index)?▾
DXY is a weighted index of the US dollar against six major currencies: euro (~57%), Japanese yen (~14%), British pound (~12%), Canadian dollar (~9%), Swedish krona (~4%), and Swiss franc (~4%). When DXY rises, the dollar is strengthening against this basket. When it falls, the dollar is weakening.
What does the Gold/Copper ratio signal?▾
Gold is a safe-haven, low-growth asset; copper is the bellwether industrial metal. When the Gold/Copper ratio rises, investors are typically favoring defense over growth — often associated with risk-off conditions. When the ratio falls, investors are leaning into growth — often associated with risk-on. Sustained rises in this ratio have historically been observed before equity drawdowns. Our ratio uses GLD (gold ETF) divided by CPER (copper futures ETF). Note that COPX, also shown on this page, is a copper-miners ETF with equity beta — different signal characteristics from pure copper price.
Why does USD/JPY matter for stock traders?▾
USD/JPY is widely watched as a proxy for global liquidity and the yen carry trade. The Japanese yen has long been a major funding currency for leveraged trades due to ultra-low Japanese rates. When USD/JPY falls sharply, traders often interpret it as a forced unwind of leveraged positions, with potential spillover into equities, emerging markets, and crypto. The August 2024 yen unwind, for example, coincided with one of the largest single-day drops in the Nikkei in decades.
What does the 10Y Treasury yield tell me?▾
The 10-year Treasury yield ($TNX) reflects long-term growth and inflation expectations. Rising yields = market expects higher growth/inflation, which is bearish for long-duration assets (long-bond funds, growth tech). Falling yields = market expects slower growth or recession.
What is the difference between BITO and IBIT?▾
BITO (ProShares Bitcoin Strategy) holds Bitcoin futures contracts; it has tracking error vs spot and "rolls" futures monthly. IBIT (iShares Bitcoin Trust) holds actual spot Bitcoin and tracks BTC much more closely. IBIT launched in January 2024 and has been one of the largest spot-BTC ETFs by AUM since launch — though product market share among the spot-BTC ETF cohort can shift quickly. GBTC is the older Grayscale trust which traded at a discount/premium for years before converting to a spot ETF.
Why is COPX listed as copper when it's a miners ETF?▾
COPX (Global X Copper Miners ETF) is the most widely traded ETF that's exposed to copper price moves through miner equities. Pure copper-price ETFs like CPER (which holds futures) exist and we include CPER too. Miners typically move with higher beta than the underlying metal and are more sensitive to risk-on/risk-off flows.
What is the carry trade?▾
A carry trade is borrowing in a low-interest-rate currency (historically the Japanese yen) and investing in higher-yielding assets elsewhere (US Treasuries, EM bonds, equities). It's profitable as long as the funding currency stays weak. When the funding currency strengthens — like USD/JPY falling — leveraged traders are forced to unwind, often violently.
How is the trend (UP/DOWN/FLAT) computed?▾
For each instrument, we compare the most recent close to the 20-day, 50-day, and 200-day simple moving average. UP if the close is more than 0.5% above the SMA. DOWN if more than 0.5% below. FLAT if within ±0.5%. Alignment across all three timeframes (UP/UP/UP or DOWN/DOWN/DOWN) is the strongest trend signal.
Why are yields divided by 10 on this page?▾
TradeStation's market-data feed publishes Treasury yields as ×10 — so a 4.39% 10Y yield comes through as 43.9. We divide by 10 in our backend so the page shows the actual yield (4.39%). This is a TradeStation-specific convention and we handle it transparently.
Why include crypto in a macro panel?▾
Bitcoin has become a large enough asset class to function as a risk-on/off barometer alongside traditional macro. Its correlation with growth tech and EM equities has been meaningful since 2020. Including BTC alongside currencies, yields, metals, and crude gives a more complete read on global risk appetite than a panel that ignores it.
What's the difference between Treasury yields ($TNX) and Treasury bond ETFs (TLT, IEF, SHY)?▾
Yields move opposite to bond prices. Rising yields → falling TLT/IEF/SHY prices (bigger drop the longer the duration). $TNX is the 10Y yield index; TLT holds 20+ year Treasury bonds; IEF holds 7-10 year; SHY holds 1-3 year. Watch yields for the macro signal; watch the ETFs for the price action and tradeable instruments.
How often does the data update?▾
All instruments are refreshed daily after market close (around 1 PM PT / 4 PM ET) directly from the TradeStation market-data API. The macro JSON is regenerated within minutes after the fetch completes. The page reflects the most recent close.
What's a "risk-on" asset?▾
Risk-on assets benefit when investors are optimistic about growth and willing to take risk. Examples on this page: copper (COPX/CPER), crude oil (USO), USD/JPY (rising), Bitcoin (IBIT/BITO/GBTC), and a falling DXY. These instruments tend to rally during risk-on regimes.
What's a "risk-off" asset?▾
Risk-off assets are safe-havens that benefit when investors are de-risking. Examples on this page: gold (GLD), silver (SLV), TLT (long Treasuries — falling yields), and a rising DXY. These instruments tend to rally during risk-off regimes.
Can I trade these signals directly?▾
The instruments shown are tradeable: ETFs, futures-based ETFs, and forex pairs. We don't publish entry/exit signals on this page — it's a context dashboard. It is not a strategy. Use the macro read to inform your other trading decisions or pair it with our systematic strategies (Gemini, Mars, Vega, etc.).
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Last updated: 2026-10-05