Dollar on shaky ground as markets fret about Fed independence

TOKYO – The dollar was on a fragile footing on Thursday, having lost ground overnight as concerns that US President Donald Trump was preparing to fire the Federal Reserve chair shook confidence in US markets.

Trump denied reports he was planning to dismiss Fed Chair Jerome Powell, but he kept the door open to the possibility and renewed his criticism of the central bank chief for not lowering interest rates.

Investors worry that removing Powell before his term ends in May 2026 would undermine credibility in the US financial system and the dollar as a safe-haven currency.

And a more dovish Fed could lead to a return of inflation and negative real yields on Treasuries, said Mahjabeen Zaman, head of foreign exchange research at ANZ.

“If that comes to fruition, you’re going to see a much weaker dollar than we’re already expecting,” Zaman said in an ANZ podcast. “Such an event, if that even does happen, it will raise questions for Fed independence and credibility, so I think it’s only going to be an increase in volatility.”

Trump has railed against Powell for months for not easing rates, which he says should be at 1% or lower.

Bloomberg reported that the president is likely to fire Powell soon, and a source told Reuters that Trump polled some Republican lawmakers on firing Powell and received a positive response. Trump said that the reports were not true.

“I don’t rule out anything, but I think it’s highly unlikely unless he has to leave for fraud,” Trump said, a reference to recent White House and Republican lawmaker criticism of cost overruns in the USD 2.5 billion renovation of the Fed’s historic headquarters in Washington.

The dollar index, which measures the greenback against major peers, was little changed at 98.384 after a 0.3% slide on Wednesday. The US currency ticked up 0.2% to 148.14 yen, after a 0.6% decline overnight.

The euro stood at USD 1.1632, down 0.01%. Sterling edged 0.1% lower to USD 1.3409.

Investors remain focused on tariffs ahead of an August 1 deadline when many trading partners face higher trade levies.

Trump said on Wednesday the US will probably “live by the letter” on tariffs with Japan and may have another trade deal coming up with India, following his announcement of an accord with Indonesia on Tuesday.

In Japan, investors are focused on a potential power shift in upper house elections this weekend that could strain already frail finances, with long-dated yields soaring to all-time highs as the vote nears.

(Reporting by Rocky Swift; Editing by Shri Navaratnam)

Oil rises as demand hopes and economic data lift sentiment

Oil prices rose in early trade on Thursday, reversing the previous session’s losses, buoyed by stronger-than-expected economic data from the world’s top oil consumers and signs of easing trade tensions.

Brent crude futures rose 27 cents, or 0.39%, to USD 68.79 a barrel at 0000 GMT. US West Texas Intermediate crude futures were up 31 cents, or 0.47%, at USD 66.69. Both benchmarks fell more than 0.2% in the previous session.

US crude inventories fell by 3.9 million barrels to 422.2 million barrels last week, the Energy Information Administration said on Wednesday, a steeper decline than forecasts for a 552,000-barrel draw, suggesting stronger refinery activity, tighter supply, and increased demand.

There is “some support from the favorable margin environment associated with the refining sector. Product spreads remain relatively wide in all the regions,” said John Paisie, president of Stratas Advisors.

However, larger-than-expected builds in gasoline and diesel inventories capped price gains.

The US central bank’s latest snapshot of the economy, released on Wednesday, showed activity picked up in recent weeks. However, the outlook was “neutral to slightly pessimistic” as businesses reported that higher import tariffs were putting upward pressure on prices.

China data showed growth slowed in the second quarter, but not by as much as previously feared, in part because of front-loading to beat US tariffs, easing fears over the state of the world’s largest crude importer’s economy.

The data also showed that China’s June crude oil throughput was up 8.5% from a year ago, implying stronger fuel demand.

Additionally, “support has come from the positive news pertaining to some easing of trade tensions between China and the US with President Trump lifting the ban on the sale of AI chips to China along with the announcement of a trade deal with Indonesia,” John Paisie added.

US President Donald Trump offered fresh optimism about the prospects of a deal with Beijing on illicit drugs. He also hinted that a trade deal with India is very close, while an agreement could possibly be reached with Europe as well.

Trade tariffs could slow down global economic growth, and in turn dampen fuel demand, putting downward pressure on prices.

(Reporting by Anjana Anil in Bengaluru; Editing by Sonali Paul)

US yields slide amid turmoil involving Fed’s Powell

NEW YORK – US two-year Treasury yields tumbled in volatile trading on Wednesday but came off their lowest levels after President Donald Trump said he was not planning to fire Federal Reserve Chair Jerome Powell, refuting media reports that he planned to do so soon.

Investors, on the other hand, sold off the long end of the Treasury curve, pushing 30-year yields to an eight-week high of 5.08%. US 30-year yields were last flat on the day at 5.014%.

U.S two-year yields, which track interest rate expectations, fell to a roughly one-week low of 3.86% after CBS and Bloomberg reported that Trump had indicated to a group of House Republicans that he would fire Powell.

The yield was last 6.9 basis points lower at 3.889%.

The reports pushed rate cut bets starting in September to 66%, from 54% just before. After Trump said that the reports were not true, that probability stood at 60%.

All told, the Fed funds futures market, which is tied to monetary policy, has priced in about 47 bps in easing for 2025.

“I don’t rule out anything, but I think it’s highly unlikely unless (Powell) has to leave for fraud,” Trump said, a reference to recent White House and Republican lawmaker criticism of cost overruns in the USD 2.5 billion renovation of the Fed’s historic headquarters in Washington.

The benchmark 10-year yield also rose on the initial report, but was last down 3.6 bps at 4.453%.

The yield curve steepened following the report on Powell, with the spread between two- and 10-year yields widening to as much as 61.8 bps. That’s the steepest level since April. That reflects the sell-off at the long end amid fiscal worries and concerns about inflation going out of control if the Fed, under a new chai,r cuts rates aggressively.

The curve was last 56.4 bps, still steeper than Tuesday’s 53.9 bps.

“This story keeps churning, so understandably, markets are nervous that it could happen sooner rather than later re Trump firing Powell,” said Kenneth Broux, head of corporate research and rates, at Societe Generale in London.

“Bond and FX markets do not like the uncertainty. We’ve had stronger US CPI goods ex-autos just yesterday, so to think that lower rates are the way forward as tariffs seep through consumer prices is not going to reassure.”

The Powell back-and-forth overshadowed Wednesday’s data showing tame producer prices last month, keeping the Federal Reserve on track to resume cutting interest rates later this year. US yields fell after the report.

US producer prices index came in unchanged for June, compared with expectations for a 0.2% rise, while core or underlying prices were flat. An increase in the cost of goods because of tariffs on imports was offset by weakness in services.

In the 12 months through June, the PPI increased 2.3% after advancing 2.7% in May. Data on Tuesday, meanwhile, showed consumer prices picking up in June, with solid gains in tariff-exposed goods like household furnishings and supplies, appliances, sporting goods and toys, as well as windows, floor coverings and linens.

Wednesday’s data showing a modest rise in factory production had little impact on the Treasuries market. Manufacturing output ticked up 0.1% last month after an upwardly revised 0.3% increase in May, the Fed said.

Economists polled by Reuters had forecast production unchanged after a 0.1% gain in May.

(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Dhara Ranasinghe in London; Editing by Kirsten Donovan and Diane Craft)

Gold pares gains after Trump shoots down talk of ousting Powell

Gold prices jumped on Wednesday following news reports that US President Donald Trump planned to fire Federal Reserve Chair Jerome Powell, but trimmed gains after Trump denied the claim.

Trump said he was not planning to fire Powell, but declined to rule anything out, citing an investigation into cost overruns on a USD 2.5-billion Fed renovation project.

Spot gold rose 1% to USD 3,354.01 per ounce, as of 0153 p.m. EDT (1753 GMT) after rising as much as 1.6% earlier.

US gold futures settled 0.7% higher at USD 3,359.1.

“Headlines suggesting Trump was considering firing Powell drove gold prices higher… he later clarified it’s highly unlikely. Gold markets were whipsawed by the back and forth,” said Daniel Ghali, commodity strategist at TD Securities.

Israel launched powerful airstrikes in Damascus, damaging the Defence Ministry and striking near the presidential palace. The attack added to geopolitical worries and supported purchases of safe-haven gold.

On the trade front, the European Commission prepared to target USD 84.1 billion worth of US goods for possible tariffs if trade talks with Washington fail after Trump threatened last week to impose 30% tariffs on imports from the EU.

“With Israeli strikes and the US being more hawkish on trade tariffs, there is a little bit more uncertainty to the marketplace,” which is helping gold, said Jim Wyckoff, a senior analyst at Kitco Metals.

“I expect gold to trade between USD 3,250 and USD 3,476 in the near term.”

Adding support to gold was data that showed US producer prices were unexpectedly unchanged in June from a 0.3% rise in May.

It followed Tuesday’s data that showed overall consumer prices rose 0.3% in June, up from 0.1% in May, signalling the Federal Reserve may continue to exercise caution before cutting interest rates.

Gold thrives during uncertain times, and a low-interest rate environment boosts it further.

Spot silver added 0.5% to USD 37.89 per ounce.

Platinum gained nearly 3% to USD 1,412.55, and palladium rose 1.8% to USD 1,227.73.

(Reporting by Sarah Qureshi and Ashitha Shivaprasad in Bengaluru; Editing by Rod Nickel and Shailesh Kuber)

Oil slips as Trump’s 50-day deadline for Russia eases supply fears

NEW YORK – Oil prices dropped by less than 1% on Tuesday after US President Donald Trump’s 50-day deadline for Russia to end the war in Ukraine and avoid sanctions eased concerns about any immediate supply disruption.

Brent crude futures settled down 50 cents, or 0.7%, at USD 68.71 a barrel. US West Texas Intermediate crude futures were down 46 cents, or 0.7%, at USD 66.52.

“The focus has been on Donald Trump. There was some fear he might target Russia with sanctions immediately and now he has given another 50 days,” said UBS commodities analyst Giovanni Staunovo. “Those fears about an imminent additional tightness in the market have dissipated. That’s the main story.”

Oil prices had climbed on the potential sanctions, but later gave up gains as the 50-day deadline raised hopes that sanctions could be avoided.

In the event the proposed sanctions are implemented, “it would drastically change the outlook for the oil market,” analysts at ING said in a note.

“China, India and Turkey are the largest buyers of Russian crude oil. They would need to weigh the benefits of buying discounted Russian crude oil against the cost of their exports to the US,” ING said.

Trump announced new weapons for Ukraine on Monday and had said on Saturday that he would impose a 30% tariff on most imports from the European Union and Mexico from August 1, adding to similar warnings for other countries.

Tariffs raise the risk of slower economic growth, which could reduce global fuel demand and drag oil prices lower.

Also on the tariff front, Brazil will work to get the US to reverse “as quickly as possible” the 50% tariff it announced on all goods from that country, but does not rule out asking for more time to negotiate, Vice President Geraldo Alckmin said.

China’s economy slowed in the second quarter, data showed on Tuesday, with markets bracing for a weaker second half as exports lose momentum, prices continue to fall and consumer confidence remains low.

Tony Sycamore, an analyst at IG, said economic growth in China came in above consensus, largely because of strong fiscal support and the frontloading of production and exports to beat US tariffs.

“The Chinese economic data was supportive overnight,” said Phil Flynn, senior analyst with Price Futures Group.

Elsewhere, oil demand is set to remain “very strong” through the third quarter, keeping the market balanced in the near term, the Organization of the Petroleum Exporting Countries’ secretary general said, according to a Russian media report.

In US supply, US crude stocks rose by 839,000 barrels last week, market sources said, citing American Petroleum Institute figures on Tuesday.

US government data on stockpiles is due on Wednesday.

(Reporting by Stephanie Kelly in New York; Additional reporting by Anna Hirtenstein in London, Anjana Anil in Bengaluru, and Sudarshan Varadhan in Singapore; Editing by Marguerita Choy, Matthew Lewis, and David Gregorio)

Gold falls as traders await tariff updates

Gold prices fell on Tuesday as market participants awaited tariff updates, while an inflation report showed a widely expected increase in US consumer prices last month.

Spot gold fell 0.5% to USD 3,328.06 per ounce as of 0145 p.m. EDT (1745 GMT). US gold futures settled 0.7% lower at USD 3,336.7.

The dollar ticked up 0.6%, making gold more expensive for holders of other currencies.

“I think the market continues to be focused on tariffs, keeping gold underpinned. I remain bullish on gold, even though we’re well within the range that has been in place since the middle of May,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Over the weekend, US President Donald Trump threatened higher tariffs, including 30% on imports from the European Union and Mexico.

Data out Tuesday showed the US Consumer Price Index increased 0.3% last month, in line with expectations, after edging up 0.1% in May. That was the largest gain since January.

In a post on Truth Social, Trump said that since consumer prices were low, the Federal Reserve should bring down interest rates. He has insisted on cutting rates for some time now.

The Fed will likely be able to start cutting short-term borrowing costs by September, traders continued to bet after the data.

“Honestly, gold should be perkier. This seems to reinforce the view that we need a new driver to push gold back up past USD 3,400,” said Tai Wong, an independent metals trader.

Investors await US Producer Price Index data on Wednesday for guidance.

Gold, a safe-haven asset during times of economic and geopolitical uncertainty, tends to thrive in low-interest-rate environments, as it offers no yield.

Elsewhere, spot silver slipped 0.9% to USD 37.79 per ounce after hitting its highest level since September 2011 on Monday.

“My next objective on the upside for silver is at USD 41.61/oz. I think the market is going to view any setback as a buying opportunity,” Grant said.

Platinum rose 0.6% to USD 1,371.49 and palladium added 0.5% to USD 1,198.97.

(Reporting by Sarah Qureshi and Ashitha Shivaprasad in Bengaluru; Editing by Richard Chang and Shailesh Kuber)

US yields climb to multi-week peaks after modest rise in June inflation

NEW YORK – US Treasury yields rose on Tuesday, with 30-year yields hitting six-week highs after data showed inflation increased in June, suggesting the Federal Reserve will likely remain cautious in cutting interest rates this year.

The benchmark 10-year yield gained 6.4 basis points (bps) to 4.487%, rising for four straight days. It earlier hit a high of 4.491%, its strongest level since June 11.

The 30-year yield hit a six-week peak of 5.022%, and was last up 4.5 bps at 5.018%. The 5% yield was a key technical level and when that was hit, it opened further selling in 30-year bonds that pushed yields higher, analysts said.

US two-year yields, which track interest rate expectations, also increased on the day, touching 3.963%, the highest since June 20. They were last up 5.6 bps at 3.957%.

Tuesday’s data showed the Consumer Price Index (CPI) increased 0.3% last month after edging up 0.1% in May. June’s gain was the largest since January. In the 12 months through June, the CPI climbed 2.7% after rising 2.4% in May.

Economists polled by Reuters had forecast that the CPI would climb 0.3% and increase 2.6% on a year-over-year basis.

Excluding the volatile food and energy components, the CPI rose 0.2% in June after edging up 0.1% in the prior month. In the 12 months through June, core CPI inflation increased 2.9% after rising 2.8% for three straight months.

“Fed Chairman (Jerome) Powell has been pretty adamant about a couple things, including the fact that inflation is coming. It might not have shown up materially in this report,” said Jim Barnes, director of fixed income at Bryn Mawr Trust in Berwyn, Pennsylvania.

“They have to get through this summer in order to see where higher prices — what part of the product chain — are going to come from….You’ll get more clarity as to what the rate cut situation is going to be this year.”

Fed funds futures, which are tied to monetary policy, have priced in about 44 bps of easing by the end of the year, or less than two 25 bps of rate cuts each, according to LSEG estimates.

Traders also factored in that the Fed would likely cut rates at the October policy meeting with a roughly 79% probability. The September odds of a rate decline went down to about 53% from as high as 80% a few weeks ago.

“Despite a firmer core CPI print in June relative to May, we believe Federal Reserve officials will welcome this report: higher tariff-related goods inflation justifies their more cautious stance, while continued disinflation across services categories should support rate cuts in September and beyond,” wrote PIMCO economist Tiffany Wilding in emailed comments.

In other parts of the bond market, US breakeven inflation, which represents the difference between the yield on nominal Treasuries and the yield on Treasury Inflation-Protected Securities (TIPS) of the same maturity, rose across the board.

Breakevens reflect the market’s expected average inflation rate over the period until the securities mature.

Data showed that the US five-year breakeven inflation hit 2.501% on Tuesday following the CPI data, the highest since late March, while 10-year breakevens climbed to 2.411%, the highest since February.

Near-term breakevens such as those on the one-year and two-year sectors, also gained, hitting multi-week peaks.

The yield curve, meanwhile, marginally steepened on the day, with the spread between two-year and 10-year yields at 53.2 bps, from 53.1 bps late on Monday. The curve flattened to 44.5 bps following the CPI data, which reflected expectations that the Fed won’t be in a rush to cut interest rates.

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu Nomiyama, Franklin Paul, Susan Fenton, and Cynthia Osterman)

Dollar holds near 3-week high before CPI; bitcoin eases back from record peak

TOKYO – The dollar hovered near a three-week high versus major peers on Tuesday as traders awaited the release of US inflation data later in the day that could provide clues on the path for monetary policy.

The US currency was also buoyed by elevated Treasury yields, with investors weighing a potential exit of Jerome Powell from the Federal Reserve as President Donald Trump continued his criticism of the central bank chairman.

Currencies showed little reaction to data showing China’s economy grew 5.2% last quarter, slightly topping analysts’ forecasts.

Bitcoin drifted further from Monday’s all-time peak of USD 123,153.22 following a seven-day, 14% surge as investors bet on long-sought legislative policy wins for the cryptocurrency industry this week. It changed hands at around USD 118,215 as of 0240 GMT.

The dollar was little changed at 147.68 yen, after earlier rising to the highest since June 23 at 147.89 yen.

The dollar index, which tracks the currency against the yen and five other major rivals, stood at 98.050, not far below the overnight peak of 98.136, the highest since June 25.

The euro edged up slightly to USD 1.1671 after slipping to USD 1.1650 on Monday for the first time since June 25.

Fed Chair Powell has said he expects inflation to increase this summer as a result of tariffs, which is seen keeping the US central bank on hold until later in the year.

Economists polled by Reuters expect headline inflation to increase to 2.7% on an annual basis, up from 2.4% the prior month. Core inflation is expected to rise to 3.0%, from 2.8%.

“Should inflation fail to materialise or remain steady, questions may arise regarding the Fed’s recent decision not to cut rates, potentially intensifying calls for monetary easing,” James Kniveton, senior corporate FX dealer at Convera, wrote in a client note.

“Calls from the White House for leadership changes at the Fed may increase.”

Trump on Monday renewed his attacks on Powell, saying interest rates should be at 1% or lower, rather than the 4.25% to 4.50% range the Fed has kept the key rate at so far this year.

Fed funds futures traders have been pricing in 50 basis points of interest rate cuts by year-end, with the first reduction expected in September.

“If Powell leaves, we expect the (US Treasury yield) curve to steepen sharply, with the short-end factoring in front-loaded rates cuts,” DBS analysts wrote in a note.

“Meanwhile, the loss of confidence in price stability should translate into sharply higher 10-year and 30-year yields.”

China’s economic growth topped market forecasts in the second quarter – even as it slowed slightly from the prior three months – in a sign of resilience against US tariffs.

At the same time, analysts warned of underlying weakness and rising risks that will ramp up pressure on Beijing to roll out more stimulus.

The Chinese yuan was flat at 7.1728 per dollar.

The Aussie was steady at USD 0.6546.

(Reporting by Kevin Buckland; Editing by Sonali Paul and Lincoln Feast.)

Wall Street ends with modest gains as investors await earnings, economic data

Wall Street stocks closed marginally up on Monday as investors sidestepped any meaningful moves following US President Donald Trump’s latest tariff threats, and held steady ahead of a busy week of economic data and the start of earnings season.

Trump ramped up trade tensions over the weekend, vowing to slap a 30% tariff on most imports from the European Union and Mexico starting August 1 – leaving the clock ticking for last-minute trade deals.

The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce. The White House said talks with the EU, Canada, and Mexico are still underway.

Despite the headlines, investor reaction was muted, having grown numb to Trump’s barrage of tariff threats and his frequent last-minute U-turns.

The Dow Jones Industrial Average rose 88.14 points, or 0.20%, to 44,459.65, the S&P 500 gained 8.81 points, or 0.14%, at 6,268.56, and the Nasdaq Composite advanced 54.80 points, or 0.27%, to 20,640.33.

Trading volume was also subdued, with 15.43 billion shares changing hands, compared with the 17.62 billion average for the last 20 trading days.

Markets have been buoyant in recent weeks even as Trump has rattled his tariff saber.

The Nasdaq Composite ended at a record high, its seventh such achievement since June 27. The S&P 500, which finished a dozen points below last Thursday’s best-ever close, has had five records in the same timeframe.

“If anything is holding the market back, it’s the fact we’ve had a pretty good run since April,” said Jason Pride, chief of investment strategy & research at Glenmede.

He noted that despite initial fears that Trump’s tariff policy would hurt the US economy, the levies unveiled so far and the passage of his signature economic legislation last week will broadly offset each other, meaning investors are starting to be more confident about the economy’s growth prospects.

Signs of how Trump’s policies are playing out will come this week, with a raft of new reports on the state of the US economy due up.

Second-quarter earnings season kicks off on Tuesday, when several Wall Street banking heavyweights are set to report.

Tuesday is also the scheduled release of the latest consumer price data, which is expected to reveal an inflation uptick in June as sellers started passing on the cost of sweeping tariffs.

Wednesday’s producer and import price reports will offer fresh insight into how supply chain pressures are shaping up.

One place where Trump’s tariff rhetoric still moved markets was crude prices, with US benchmark oil dropping 2.2% after he threatened levies on buyers of Russian exports, which may have knock-on effects on global energy supplies.

This pushed the energy index down 1.2%, the biggest decliner among the 11 S&P sectors.

A majority of the sectors closed in positive territory though, led by the 0.7% advance by communication services. It was helped by gains in Netflix, which reports earnings on Thursday, and Warner Bros. Discovery, whose latest Superman caper had a strong opening weekend at the box office.

Crypto stocks ticked up after Bitcoin topped USD 120,000 for the first time. Coinbase rose 1.8%, and MicroStrategy gained 3.8%.

Waters Corp. dropped 13.8% after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company’s Biosciences & Diagnostic Solutions unit in a USD 17.5 billion deal.

(Reporting by Pranav Kashyap in Bengaluru and David French in New York; Editing by Maju Samuel and Richard Chang)

Bitcoin climbs to record USD 123,000 as investors eye US policy boost

NEW YORK – Bitcoin vaulted past USD 120,000 for the first time on Monday, the latest milestone for the world’s largest cryptocurrency as investors bet on long-sought policy wins for the industry this week, which has been dubbed “crypto week” by US Republicans.

Bitcoin rose more than 3% to register a record high of USD 123,153.22 before easing, and was last up 0.5% at USD 119,750.86. The cryptocurrency is now up more than 27% on the year.

The US House of Representatives is set to debate and likely pass a series of crypto-related bills this week. The bills could provide the digital asset industry with the nation’s regulatory framework it has long sought.

Those demands have resonated with US President Donald Trump, a Republican who has called himself the “crypto president” and urged policymakers to revamp rules in favour of the industry.

“It’s riding a number of tailwinds at the moment,” said IG market analyst Tony Sycamore, citing institutional demand, expectations of further gains and support from Trump as reasons for the bullishness.

“It’s been a very, very, strong move over the past six or seven days and it’s hard to see where it stops now. It looks like it can easily have a look at the USD 125,000 level,” he said.

Trump and his family have made a series of forays into cryptocurrencies in the past year, including a new crypto project, World Liberty Financial, and the launch in January of his own meme coin.

Last week, crypto entrepreneur Justin Sun, who was already a major investor in the USD TRUMP coin, announced that he was buying another USD 100 million.

The White House did not immediately respond to a request for comment on Sun’s investment in the president’s meme coin.

The coin, which hit a high of around USD 75 in the days after its January launch, fell 3.4% on Monday to USD 9.45, CoinMarketCap data showed.

The surge in bitcoin has sparked a broader rally across other cryptocurrencies over the past few sessions even as Trump’s chaotic tariff policies have knocked sentiment in other markets.

Ether, the second-largest token, reached a high of USD 3,081.94, its highest level since February 2, but is still down more than 10% on the year advanced 2.7% after climbing as much as 6.4% on the day.

The sector’s total market value has swelled to about USD 3.8 trillion, according to data from CoinMarketCap.

Simon Peters, analyst at eToro, noted that bitcoin’s price had not hit a record high in other currencies such as the euro, suggesting that dollar weakness was behind some of the rise to a new record on Monday.

CRYPTO WEEK

US Republicans have declared the week of July 14 “crypto week,” during which members of Congress are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.

The most significant bill is the Genius Act, which would create federal rules for stablecoins.

“Developments around these pieces of crypto legislation could provide a further tailwind to the current rally. We wait to see,” eToro’s Peters said.

Elsewhere, prices of crypto stocks and exchange-traded funds advanced.

Shares of crypto exchange Coinbase were up 1.8%, while bitcoin holder Strategy climbed 3.5%. Crypto miner Mara Holdings was up 0.1% in US trading.

Analysts at Oppenheimer said they are cautious on Coinbase ahead of its quarterly results scheduled for July 31, but believe a more attractive entry point could happen after the earnings, and increased their price target on the stock to USD 417 from USD 395 per share.

Hong Kong-listed spot bitcoin ETFs launched by China AMC, Harvest, and Bosera all hit record highs.

(Reporting by Chuck Mikolajczak in New York, Rae Wee in Singapore, and Tommy Reggiori Wilkes in London; Additional reporting by Sruthi Shankar in Bengaluru, and Alun John in London; Editing by Kate Mayberry, Bernadette Baum, and Matthew Lewis)

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