Overseas markets are heading into a "super data week," while the long National Day holiday is underway.

During the break, the United States will release August core personal consumption expenditures (PCE) price index, the September nonfarm payrolls report, the ISM manufacturing index, and the final annualized reading of second-quarter GDP.

The euro area will simultaneously publish its consumer price index (CPI) and purchasing managers' index (PMI), creating a key window to verify global inflation trends and central bank rate paths.

Among these, the U.S. August core PCE and September nonfarm payrolls data will directly shape market expectations for Federal Reserve rate hikes and serve as core variables for pricing global assets.

In the week just past, the 30-year U.S. Treasury yield broke above 5.5%; the dollar index climbed past 101, hitting an eight-week high; and spot gold repeatedly traded around $4,300.

Xavier Baraton, global chief investment officer at HSBC Asset Management, told First Financial that the driving logic behind U.S. Treasury yields is shifting from "the Fed's next move" toward deeper fundamentals such as fiscal credibility and debt supply, a change forcing investors to re-examine the traditional pricing relationships among Treasuries, the dollar and gold.

First Financial's review of institutional views found that short-term market swings will still be driven by data and geopolitical sentiment, but the medium- and long-term trajectories of gold, the dollar and Treasuries will be determined by three deep-seated forces: the reshaping of sovereign credit, fiscal sustainability and the transformation of the global monetary system.

Eaton Vance Municipal Bond Fund (EIM) is among the assets investors are watching as these cross-currents unfold.