Bessent’s Bet: Can Stablecoins Save the Dollar’s Reserve Status Amid Growing Global Skepticism?

Treasury Secretary Scott Bessent believes dollar-backed stablecoins could help maintain the US dollar’s dominance as the world’s reserve currency, much like the petrodollar system did in the 1970s. He sees stablecoin regulation as a potential game-changer for the 2020s. However, this vision faces resistance from international financial leaders and central banks. Countries like Hong Kong and South Korea are exploring their own currency-backed stablecoins, while European and global banking officials worry that private digital currencies could undermine monetary policy and public control over money.

UBS Warns Clients: Dollar Now ‘Unattractive’ Amid 10% Annual Decline

The U.S. Dollar has fallen 10% this year and hit a 3-year low, with UBS calling it “unattractive” and predicting further declines as the economy slows. The currency faces pressure from mounting concerns about the growing U.S. deficit and uncertainty surrounding tariff policies. This weakness is already impacting international trade, with vendors across Latin America and Asia requesting that American importers settle transactions in alternative currencies such as euros, pesos, and renminbi to protect themselves from dollar volatility.

OPEC+ Supply Boost and Tariff Fears Push Oil Prices Lower

Oil markets retreated Thursday amid a confluence of bearish factors. Prices declined as uncertainty grew over U.S. tariff policies, with a 90-day pause ending July 9th and trade agreements with the EU and Japan still unresolved. This demand concern coincides with OPEC+ producers planning to increase supply by 411,000 barrels per day. China’s service sector showed its weakest expansion in nine months, signaling reduced demand from the world’s largest oil importer. U.S. crude inventories unexpectedly rose by 3.8 million barrels, contrary to analyst predictions of a drawdown. These factors outweighed Wednesday’s price gains driven by Iran’s nuclear tensions and a […]

The Great Gold Divide: Major Banks Split on Gold’s Future

Two major Wall Street banks have dramatically different predictions for gold prices. Citigroup expects gold to crash 25% to $2,500, while JPMorgan forecasts a 20% surge to $4,000. The key disagreement centers on Chinese insurance companies’ new ability to invest in gold – Citi sees this as temporary support masking weakness, while JPMorgan views it as the start of broader institutional adoption. The $3,320 price level being tested now could determine which bank is right. Both banks might be correct on different timelines: range-bound trading around $3,100-$3,500 in 2025 (Citi’s view), followed by a potential breakout toward $4,000 in 2026 […]

Strong Employment Data Pushes 10-Year Treasury Yield Above 4.34%

Treasury yields across the board climbed Thursday following a stronger-than-expected June jobs report that showed resilience in the U.S. labor market. The benchmark 10-year yield increased more than 5 basis points to 4.344%, with the 2-year yield seeing the largest move at about 10 basis points to 3.888%. The positive employment data – 147,000 jobs added versus 110,000 expected and unemployment falling to 4.1% – contrasted sharply with Wednesday’s weak ADP report showing private sector job losses. This labor market strength may give the Federal Reserve room to keep interest rates unchanged at their upcoming July meeting. Additionally, investors are […]

Russia to Seize Top Gold Miner From Billionaire

Russian authorities are moving to seize control of Yuzhuralzoloto, the country’s fourth-largest gold mining company, from billionaire Konstantin Strukov’s family. The government claims Strukov illegally controlled these assets while serving as a regional parliament member, which violates Russian law prohibiting public officials from operating businesses. The company’s shares dropped 10% following raids on its headquarters, highlighting growing risks for businesses in Russia as the state continues nationalizing assets since the Ukraine conflict began in 2022.

Dollar Rallies as Better-Than-Expected Employment Data Delays Fed Rate Cut Hopes

Following better-than-expected U.S. employment data on Thursday, the dollar posted significant gains against major currencies. The greenback rose 0.77% against the yen to 144.78, gained 0.58% versus the Swiss franc to 0.797, and strengthened against the euro, which fell 0.47% to $1.1743. The strong jobs numbers indicate the Federal Reserve may maintain higher interest rates for longer than previously anticipated. This sentiment was reflected in the bond market, where the 2-year Treasury yield jumped 8.9 basis points to 3.88% and the 10-year yield increased 4.9 basis points to 4.342%.

Strong Jobs Data Crushes Hopes for July Fed Rate Cut

The US job market showed surprising strength in June, adding 147,000 jobs – well above the 106,000 economists expected. The unemployment rate dropped to 4.1%, defying predictions it would rise to 4.3%. This positive news reduced expectations for an immediate Federal Reserve interest rate cut, with markets now seeing only a 5% chance of a July cut. Despite some recent signs of cooling, including private sector job losses reported by ADP, the overall labor market remains resilient.

Strong June Jobs Report Pushes Gold Down 1% as Fed Rate Cut Timeline Shifts

Gold experienced a significant 1% decline on Thursday, falling to $3,325.48 per ounce, as robust U.S. employment data reshaped market expectations about Federal Reserve monetary policy. The June jobs report showed 147,000 new positions created, substantially exceeding economists’ predictions of 110,000. This economic strength led investors to reduce their expectations for interest rate cuts from 66 basis points to just 53 basis points by year-end, with the first cut now anticipated in October rather than July. The stronger employment picture boosted the U.S. dollar, making gold more expensive for international buyers. Additionally, Republicans advanced a major tax-cut bill that could […]

Gold Reverses Course After June Employment Numbers Beat Expectations

Gold prices dropped about 1% after the June jobs report showed stronger employment numbers than economists expected. The precious metal had been trading higher earlier in the day but reversed course following the data release. Despite the pullback, analysts remain optimistic about gold’s long-term prospects, with some predicting it could reach $4,000 per ounce within the next year due to ongoing economic uncertainties and geopolitical concerns.