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The Department of Defense announced this week a $6.2 million award to a subsidiary of Guardian Metal Resources (LON: GMET) to advance its Pilot Mountain tungsten project in Nevada. The funds will enable London-listed Guardian Metal’s wholly-owned US- based subsidiary Golden Metal Resources to deliver a pre-feasibility study for Pilot Mountain, located southeast of Hawthorne. Guardian is the only company with US based tungsten assets to receive an award, and is also advancing another tungsten project in Nevada – Tempiute. The tungsten market had an estimated value of around $5 billion in 2023. It is the material of choice for a key defense application – penetrators – which are high-density, armour-piercing projectiles. It’s also required in US Department of Defence (DoD) contracts. European tungsten prices surged to their highest in 12 years in May, driven by China’s tightening grip on critical mineral exports, including tungsten. Tungsten production in the US ceased in 2015, when it was no longer commercially viable due to low prices and competition from China. China dominates global tungsten production, accounting for over 80% of last year’s total output of 81,000 tons, according to the USGS. Another company exploring tungsten deposits in the US is American Tungsten, which started construction and building work in May for the mine plan at its Ima project in Idaho. Between 1945 and 1957, the property produced approximately 199,449 metric ton units of tungsten trioxide (WO3). Excitement brewing in tungsten space While Guardian Metals CEO Oliver Friesen is fairly new to the tungsten space, he is an exploration veteran in the state of Nevada, and worked as a geologist for Barrick on numerous drill campaigns. “Pilot Mountain came across my desk and it just so happened to have the largest tungsten deposit in the entire USA in Nevada,” Friesen told MINING.com in an interview in June. “I realized that there was something really exciting brewing in the tungsten space.” “[It was] contrarian to acquire a tungsten deposit when no one wanted it in the US,” Friesen said. “And now obviously it’s become incredibly valuable and we’ve positioned ourselves very strategically in the US to lead the reshoring efforts here in the country.” “Our plans are to continue to de-risk our two main assets in Nevada and get them into production. What we have is really important for US national security and we can supply a very meaningful amount of tungsten to the US market.” The company is working towards expanding its mineral resource estimate (MRE) which was established in 2017 and 2018 that outlined 12.53Mt at 0.27% W03 with significant copper-silver-zinc credits. Drilling to support the updated resource for the PFS is all now complete, Friesen said, adding high grade gallium has also been intersected at both the Pilot Mountain and Tempiute projects. In June, the company released assay results and announced newly staked exploration targets at Tempiute. In July, Guardian Metals Resources acquired additional mining claims in the Walker Lane Mineral Belt, about 15km northwest of Pilot Mountain to form what is to be known as the Pilot North tungsten project. “On the permitting side, we’re seeing tailwinds from the new administration and the DOI,” Friesen said. “Given our position in US tungsten, we’re getting chased to get [applications] submitted. The government is serious about fast tracking defense metal projects. US investors want American mines…here’s a very viable solution for domestic mined tungsten.”

DigitalX Limited, an Australian digital Investment manager, has made headlines with a new Bitcoin (BTC) acquisition, signaling renewed institutional confidence in the market. The ASX-listed crypto fund manager has expanded its Bitcoin treasury by a whopping 74.7 BTC, marking a significant addition to its already existing holdings. DigitalX Buys 74.7 BTC In a recent X social media post on July 23, DigitalX confirmed the addition of 74.7 BTC to its treasury. The acquisition, completed at an average price of $117,293 per BTC, reflects the company’s ongoing commitment to its Bitcoin-led strategy. This latest purchase has raised the crypto fund manager’s total Bitcoin holdings to 499.8 BTC, valued at approximately $91.3 million. Notably, the company also announced and expanded on the details of this large-scale Bitcoin purchase in an official statement on Investorhub. Of its total 499.8 BTC holdings, 306.8 BTC are held directly by DigitalX, while the remaining 193 coins are held indirectly through 881,000 units in its ASX-listed Bitcoin ETF, BTXX. The recent addition of 74.7 Bitcoin follows an earlier acquisition of 57.5 BTC disclosed by the company on July 18, 2025. These back-to-back purchases demonstrate a continued reallocation of DigitalX’s digital asset treasury toward Bitcoin. The firm’s total treasury, excluding cash, now exceeds $104.4 million. As part of its long-term crypto strategy, DigitalX’s targeted portfolio adjustment reinforces its role as a leading institutional-grade Bitcoin investment vehicle on the Australian Securities Exchange. The crypto fund manager highlights its latest acquisition as a key step in its ongoing effort to establish Bitcoin as its core treasury reserve asset. Shareholder Focus Sharpens As Bitcoin Treasury Value Rises According to its official statement, DigitalX’s strategy goes beyond simply growing its BTC reserve. It also aims to enhance shareholder value through consistent and transparent reporting. The crypto fund manager now tracks its Bitcoin holdings per share in Satoshis (Sats), the smallest unit of BTC. As of the latest update, DigitalX’s BTC per share stands at 33.88 Sats, marking a 58% increase in its Bitcoin treasury value since June 30, 2025. This figure reflects the impact of recent acquisitions and provides a somewhat measurable benchmark for investors assessing exposure to the company’s considerable portfolio. By prioritizing Bitcoin accumulation and optimizing its treasury structure, DigitalX continues to position itself as a prominent crypto-centric firm—one that views shareholder value as directly tied to the strength and growth of its BTC holdings. The company is also doubling down on its long-term vision of leveraging the flagship cryptocurrency as a strategic financial foundation. Leigh Travers, former CEO and present Non-Executive Chairman of DigitalX, reaffirmed the company’s commitment to its digital asset goals, stating that it aims to steadily grow its BTC portfolio throughout the year and well into the future.

Log in to today's North American session recap for July 25, 2025. Today marked another day of a lack of North American data releases that could shift markets towards more volatility. Instead, we received a session of relatively mixed sentiment. Market were attentive to Trump's ongoing speeches where he for once mentioned decent things about Jerome Powell, and once again mention the Deals and letters that will be sent on August 1st. FYI, the EU Trade talks are ongoing and Trump announced that we may get results towards the latter part of the weekend. The US Dollar is up in the session but has given up some ground in a retracement after almost 48 hours of only bull momentum – you can check our latest US Dollar analysis right here. Energy commodities and metals took quite a hit today amid some profit taking, with Silver getting hit strongly, down around 2.25% on the session. Altcoins have retraced back up decently after also getting hammered in the past sessions, the ongoing trading is very volatile in digital assets. Read More: Bitcoin pulls back, leaving a mixed sentiment in Crypto Markets Daily Cross-Asset performance Cross-Asset Daily Performance, July 25, 2025 – Source: TradingView Gold and US Oil are the outstanding losers of the session, with ETH that had started a rough session but is racing higher towards the daily close. A picture of today's performance for major currencies Currency Performance, July 25 – Source: OANDA Labs Earnings Season: Who is releasing their numbers on Monday Earnings Calendar for July 28th – Source: Nasdaq.com Not much in terms of key Earnings on Monday A look at Economic Data releasing on Monday There is no planned events for the upcoming Monday, but we can't exactly say the same for the rest of the week! Get ready for the Month-end volatility in addition to the flurry of key Economic events approaching, particularly Wednesday and Thursday. I invite you to check our Week Ahead to get ready for the wave of key events! Safe Trades and Good Weekend to you all! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Cryptocurrencies are coming off a spectacular run, and despite taking time, Ethereum did grab some of the market share that Bitcoin had amassed. The most popular cryptocurrencies had taken a Lance Armstrong, all-by-himself run throughout the beginning of 2025. Consistent ETF inflows, leading to strong Institutional demand, created a stream of support to push up prices for BTC. Then, progressively, the same thing spread to ETH, which had been lagging considerably—touching lows at $1,363 in April for those who were not watching. There are some ongoing signs of profit taking, however, with the Whales (between 1,000 and 10,000 BTC) securing some profits at the all-time highs. Some funds and exchanges are doing the same, but not in a panic fashion. Profit taking is standard in such a market, particularly with cryptos, notably altcoins, attaining unseen highs in this cycle. For those who did not know, July 30 will mark the six months of the 180-day executive order to make a report on Cryptocurrencies from the President’s Working Group on Digital Assets. This is generally good news for the adoption of Crypto but impairs its independence. The Blockchain will, anyway, keep its integrity. Let’s look at Bitcoin charts amid this retracement and other major altcoins. Read More: Dollar regains footing as long-term Reversal carves out a Bottom Daily Crypto Market overview Cryptocurrencies Performance Board – Source: Finviz Altcoins are recovering from their past few harsh sessions – Cardano is a surprise laggard. Bitcoin 8H Chart Bitcoin 8H Chart, July 24 2025 – Source: TradingView Bitcoin has retraced back towards the $115,000 Pivot Zone mentioned in our past analysis and despite being just above 5% from its $123,200, sentiment is still mostly positive. Retracements are healthy in any trends and price action still does not show signs of a longer-run top – The situation stays the same as long as BTC holds above the $110,000 to $112,000 previous ATH support. Consolidating around these levels would be still be more bullish than bearish, however watch the $115,300 8H-MA 50 that would need to hold for bulls to keep their hands on the ongoing short-term trend. The triangle formation is interesting but does not infer much in terms of direction, so monitor potential breakouts both to the upside and the downside Ethereum 8H Chart Ethereum 8H Chart, July 24 2025 – Source: TradingView ETH is consolidating close to its $3,860 highs, currently also above 5.70% from its recent top but the lack of strong selling momentum within the correction shows that bulls are not ready to give up their hand yet. The rebound right above $3,500 was a bullish wick, and with the 20-period MA ($3,650) catching up, there might be a strong move cooking in the markets. Watch for any break below on strong volume for a retracement, also spot if the newfound bull momentum is stocks from today's session brings up some buying flows in the Ether. Solana 8H Chart Solana 8H Chart, July 24 2025 – Source: TradingView Solana saw a more thorough, 15% retracement from its local top ($206.5), but looking out to the bigger picture, buyers are stepping in at the middle of the longer-run upwards channel formed from the April lows to the May preceding highs. From here, look at $175 as a key barometer for bulls to hold – Prices crossing above the $185 momentum pivot would recreate strong immediate momentum – The altcoins are doing nicely today so bulls would want the lows from today to be the intermediate lows. Any break from here would leave bears in relative strength. XRP 8H Chart XRP 8H Chart, July 24 2025 – Source: TradingView Ripple has gone through a rough 17% correction after marking new all-time highs at $3.66 – Nevertheless, price action staying above the $3.00 Major Pivot region will prompt further bullish action. Keep that zone (+/- $0.30) in check for imminent bull/bear strength – The RSI is showing a rounding higher which would give bulls a slightly higher probability of winning the battle, as long as momentum stays positive for the global market. Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Data shows the Bitcoin Open Interest shot up to a new all-time high (ATH) even as the cryptocurrency’s price saw a retrace to $115,000. Bitcoin Open Interest Has Gone Against The Price Trend As explained by an analyst in a CryptoQuant Quicktake post, the Bitcoin Open Interest has witnessed a sharp surge alongside the latest decline in the price. The “Open Interest” here refers to an indicator that measures the total amount of positions related to BTC (in USD) that are currently open on all centralized derivatives exchanges. When the value of this metric rises, it means the investors are opening up fresh positions on the market. Generally, the total leverage in the sector goes up when new positions appear, so this kind of trend can lead to more volatility for the cryptocurrency. On the other hand, the indicator going down suggests the holders are either closing up positions of their own volition or getting liquidated by their platform. Whatever the case be, the asset’s price can behave in a more stable manner after such a trend. Now, here is a chart that shows how the value of the Bitcoin Open Interest has changed over the last month: As displayed in the above graph, the Bitcoin Open Interest rose to a high value earlier in the month when the asset’s rally to the new all-time high (ATH) took place. This wasn’t anything unusual, as speculation tends to flood in during periods of exciting price action. As BTC retraced from its peak and settled into a phase of boring consolidation, the metric’s value calmed down a bit. Now, the coin has finally diverged from this sideways movement, showing a downwards move. Interestingly, the Open Interest has rocketed up alongside this price plunge and set a new record around $44.5 billion. From the chart, it’s visible that price declines usually accompany drawdowns in the indicator, as longs find liquidation. “It’s unusual for BTC price direction and open interest to move in a negative correlation,” notes the quant. The spike in the metric could suggest some longs have decided to double down on their bets and some speculators have jumped in to get their shorts in, expecting the downtrend to continue. As mentioned before, an increase in the metric can amplify price volatility. This happens because the chances of a mass liquidation event taking place go up during such conditions. It now remains to be seen how this Open Interest increase would unwind this time around and whether a long squeeze or a short one would take place. BTC Price Bitcoin saw a brief dip under $115,000 earlier, but its price has since retraced a bit as it’s back at $116,000.

Crypto analyst TradingShot has revealed that the Dogecoin price has entered a bullish pattern, which could spark a parabolic rally to $1.5. Interestingly, the analyst also raised the possibility of the foremost meme coin reaching double digits. Dogecoin Price Eyes $1.5 With Bullish Livermore Cylinder Pattern In a TradingView post, TradingShot revealed that the Dogecoin price is inside a Livermore’s Cylinder, which suggests that the meme coin could soon rally to as high as $1.5. The analyst noted that DOGE has been trading within a bullish megaphone for the majority of its Bull Cycle since the October 9, 2023, low. In line with this, TradingShot declared that this may technically have been so far one massive accumulation phase along with the rest of the altcoin market. This is where the Livermore Accumulation Cylinder comes in, as it draws comparisons with the Megaphone pattern. Based on this Livermore model, the analyst stated that the Dogecoin price is starting the aggressive breakout phase above the Cylinder. With the accumulation technically over, TradingShot predicts that the Dogecoin price may pursue levels 8 and 9, which give price targets of $1.50 and $12, respectively. These price levels will mark new all-time highs (ATH) for DOGE, with its current ATH at around $0.73. The analyst’s accompanying chart showed that the meme coin could reach this $1.5 target between now and year-end. Meanwhile, the Dogecoin price could reach $12 by July next year. In line with this, TradingShot admitted that the $12 target is not expected to happen in this current Bull Cycle, which he predicts would end in the next six months or thereabout. However, he added that the $1.50 target is well within reach in this cycle and exactly double the price of the previous cycle high. Therefore, the analyst declared that this target is a “very attractive top candidate.” Bullish Engulfing Candle About To Form For DOGE In an X post, crypto analyst Trader Tardigrade stated that the DOGE monthly candle will close in just one week and that a Bullish Engulfing Candle is likely to be established. In line with this, he declared that a big moment is coming for the Dogecoin price. His accompanying chart showed that the meme coin could reach as high as $7.5 on this run. In another analysis, he declared that a rally to $1 is incoming for the Dogecoin price, echoing TradingShot’s prediction. His accompanying chart showed that the foremost meme coin could reach this psychological level between now and September. At the time of writing, the Dogecoin price is trading at around $0.22, up over 1% in the last 24 hours, according to data from CoinMarketCap.

Week in review: Trade Deals Materialize The August 1 tariff deadline approaches and with it we have had a few trade deal announcements which came out this week. Market sentiment seemed to get a boost, with Gold in particular feeling the heat of a stronger US Dollar. Market participants remain at least partially on the edge of their seats as we have not seen any details of agreements as yet. This led to early signs of cracks in potential trade deals with the US announcing a Japan trade deal which included significant investments in the US. However, Japanese officials and US officials seem to have differing views of the deal with Japanese officials stating that the US will secure only 90 per cent of profits from joint investments with Japan if it takes on a proportional amount of risk and financing. This seems to suggest that cracks may be present in the two allies’ interpretation of their hastily agreed trade deal. Japanese officials further stressed there was no written agreement with Washington & no legally binding one would be drawn up after Trump administration officials claimed Tokyo would back investments in the US from which American taxpayers would reap nine-tenths of the profits. Wall Street and the dollar strengthened on Friday as investors prepared for the upcoming week. All three major indexes were slightly up in early trading and set to end the week with gains. The week also saw global investors snap up a net $8.71 billion worth of equity funds during the week, reversing a $4.4 billion net withdrawal in the prior week, data from LSEG Lipper showed. Source: LSEG With just a week left before Trump's trade deadline, the US and its partners are rushing to finalize deals. European negotiators are optimistic after the trade agreement with Japan earlier this week. The dollar strengthened but is still set for its biggest monthly drop as investors focus on upcoming trade talks and central bank meetings. The dollar index rose 0.28% to 97.72, while the euro fell 0.2% to $1.173. Against the yen, the dollar gained 0.4%, reaching 147.57. In cryptocurrencies, bitcoin dropped 3.08% to $115,133.22, and Ethereum fell 2.63% to $3,641.43. Oil prices dipped as investors considered global demand and a possible supply increase from Venezuela. US crude fell 0.56% to $65.63 per barrel, and Brent dropped 0.39% to $68.91. Gold prices also declined as the stronger dollar and optimism over US-EU trade talks reduced demand for the safe-haven metal. Spot gold fell 0.93% to $3,336.52 an ounce. Earnings Season Over a third of S&P 500 companies have reported earnings, with 80% beating expectations, according to LSEG data. Analysts now predict second-quarter earnings will grow 7.7% compared to the 5.8% estimate from July 1. Next week, four big tech companies Amazon, Apple, Meta, and Microsoft will release their earnings. Investors will closely watch their updates to see if spending on AI is delivering results and if trade tariffs are still affecting their future plans. The Week Ahead: US Very Much in Focus, Fed Decision, Trade Deals and Earnings The week ahead has several important data releases lined up. The US and UK will release inflation data with key GDP data from China and manufacturing data from Japan. Asia Pacific Markets - US/China Trade Talks The key focus this week is the US-China trade talks in Sweden. A 90-day tariff ceasefire, which started in May, is set to end on August 12. Markets are watching closely to see if the ceasefire will be extended or if there will be changes to current tariffs. An agreement is expected, but uncertainty remains despite President Trump's claims that a framework is in place. On the data front, China's official July PMI (out Thursday) is expected to stay in contraction at 49.6. The S&P PMI (focused on private and export-driven firms) will follow on Friday. Over the weekend, June industrial profits data will be released. After a sharp drop in May, markets are eager to see if profits recover due to eased trade tensions or if the decline continues. The Bank of Japan (BoJ) is not expected to make any changes at its meeting on July 30-31. However, markets will pay attention to the BoJ's updated economic outlook. The recent US-Japan trade deal has reduced uncertainty, which may ease pressure on the BoJ. If inflation forecasts are raised, it could give clues about future interest rates. On the downside, weak industrial production data for June may hurt growth, but this could be balanced by a rebound in retail sales. Economic Data from Europe, UK and the US The US will be a key focus next week thanks to a data dump and of course trade deal announcements. On Wednesday, we will get 2nd quarter GDP data which I expect to grow 3.3% (above the 2.5% forecast), driven by strong trade and investment. However, consumer spending, a key growth driver, has slowed since late 2024 due to tariff concerns and economic uncertainty. This will be followed by the Fed rate decision later in the day. We obviously have the ongoing attacks at Fed Chair Jerome Powell by US President Trump and his administration. However, this is unlikely to sway the Fed at this stage as they are likely to adopt a wait and see approach. The economy is slowing but stable. The Fed is unlikely to cut rates now though I could see a 50bp cut in December if inflation eases. The US data week will end with focus on Jobs data and PCE. The Fed's preferred inflation measure, the core PCE deflator, is expected to rise 0.3% in June, slightly higher than CPI's 0.2%. NFP data on Friday is expected at 100-120k, with unemployment ticking up to 4.2%. Read More: Ripple (XRP/USD) Arrests 19% Slide, Trades Back Above the $3.10 Handle. What Next? As Europe heads into summer, key eurozone data is due. GDP is expected to slow after a strong 1Q boosted by U.S. trade activity. April saw drops in production and exports, though May had a rebound, especially in pharmaceuticals. Overall, U.S. developments likely hurt eurozone GDP, and weak service sector performance may add to the slowdown. On Friday we will get Euro Area inflation data. ECB President Lagarde has highlighted stable inflation and steady growth as positives. July's inflation data is expected to stay calm, but the focus will be on the U.S.-EU trade relationship as the August 1 deadline nears. For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Week - Gold (XAU/USD) This week's Chart of the week is Gold (XAU/USD). Gold has shrugged off its early week gains and dropped over a $100 from the weekly highs around the $3440/oz mark. Looking at the chart below and we have the triangle pattern which appeared to experience a upside breakout earlier in the week before reversing now to test the lower band of the triangle pattern. Gold has been mixed since making fresh all-time highs in April of $3500/oz with higher highs followed by lower lows. However, the failure this week to take out the most recent swing high at $3451/oz on June 16 may warrant caution for bulls. A break below the lower end of the triangle pattern would usually be a sign of further downside, however following the false breakout this week, market participants may rightly be slight confused. If the trendline holds, bulls may return, however if it does give way then the door may be opening for a larger retracement and the $3300 level is the next key spot of support i will pay attention to. Gold (XAU/USD) Daily Chart - July 25, 2025 Source:TradingView.Com (click to enlarge) Key Levels to Consider: Support 330032783251 (100-day MA)Resistance 335034003425Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Currently trading at ~0.79632, USD/CHF has found support at previous monthly lows of around ~0.78309. Having recently suffered its worst 6-monthly performance since 2010, losing over 12% in value, ongoing negotiations to suggest the US and the EU are ‘edging closer’ to a trade deal have offered some short-term USD/CHF buying pressure. USD/CHF: Key takeaways from today’s session Signifying a welcome episode of co-operation between the two economies, recent commentary from both the White House and the EU suggests negotiations on trade are proving fruitful, with US officials ‘optimistic’ that a deal is to be struckOtherwise, markets are adjusting expectations on SNB monetary policy, owing to recent Swiss CPI data showing that inflation is hotter than expectedUSD/CHF: Swiss franc remains the best-performing major currency of 2025 If asked which currency has benefited most from the current cocktail of macroeconomic themes on offer in 2025, the answer would undeniably be the Swiss franc - at least so far. While at least some of the recent CHF strength can be explained by safe-haven inflows seen in the first half of the year, the complete answer lies in comparing the Swiss franc to other typical ‘safe-haven’ currencies. JXY, DXY & SXY, TVC, 24/07/2025 In the case of the U.S. dollar, it would be fair to say that its status as ‘world currency’ has come under pressure in recent months. Owing to snowballing U.S. debt and polarising policy changes courtesy of 47th POTUS Donald Trump, it would appear that the root cause of the aforementioned safe-haven inflows comes predominantly from the United States itself, whether from the White House or otherwise. The most significant of these is trade tariffs, synonymous with the Trump campaign, which boosts market risk aversion, especially when agreements between the US and other key nations appear unlikely to be met. Whereas the dollar typically benefits from safe-haven demand, it seems that this time, it can only watch from the sidelines as investors choose to look elsewhere for a more secure, reliable, and dependable store of wealth. In comparison, the Japanese yen has benefited much more than the dollar in terms of safe-haven demand, but still, for the most part, has played second fiddle to the Swiss franc for much of 2025. Put simply, the reasons are threefold: Making a significant U-turn from ultra-loose monetary policy in recent years, the use of the Japanese yen as a ‘funding’ currency for carry trades is changing. Whereas previously, in times of low market risk appetite, traders would often liquidate yen carry trades, driving yen strength, changes made by the BoJ to raise interest rates have severely disincentivised such strategies. As such, at least one outcome is that the yen does not strengthen as much as the franc in times of high safe-haven demand, as seen in recent months Unlike the SNB, the Bank of Japan’s decision to raise rates in recent years signifies broader changes to the yen’s standing amongst other major currencies. As such, and while the yen finds its footing, investors are less likely to prefer the yen as a store of wealth in times of economic uncertainty While the Swiss economy boasts one of the lowest debt-to-GDP levels in the developed world, at around 38%, the same cannot be said for the Japanese economy, which exceeds 250%. With government debt a hot topic courtesy of recent developments in the United States, markets are understandably somewhat nervous to use the yen as a store of wealth, especially in times of economic hardship While the Swiss economy admittedly has much to boast about, the recent strengthening of the franc has much to do with the appeal, or lack thereof, of other safe-haven currencies in comparison. USD/CHF: Imminent US-EU trade deal to offer support to USD/CHF Put simply, lessened tensions between key trading partners, like the United States and European Union, are not only positive for the dollar but also help lessen safe-haven demand, causing some CHF downside. The outcome, at least for now, has been some USD/CHF buying support around monthly lows, as the EU looks set to avoid a 30% tariff on all US-bound exports in favour of a more tame 15%. It should also be noted that recent dollar downside has been caused in large part by nervousness about tariffs, and any change in perceptions, especially regarding likely agreements between key US trading partners, will likely offer significant dollar support. "The sooner this trade uncertainty is resolved, the less uncertainty we’ll have to deal with" Christine Lagarde, ECB President, Monetary Policy Statement Press Conference 24/07/2025 USD/CHF: MoM inflation at 0.1% readjusts market expectations of SNB rate cuts Keen to avoid deflationary pressures for the first half of the year, recent inflation figures from the Swiss economy are not only economically encouraging, but also have markets readjusting SNB rate cut expectations. Previously thought to be considering a return to negative interest rates to raise inflation closer to the target of 2%, recent CPI data shows that inflation is rising faster than expected, reining in market expectations for further rate cuts. While expectations of a higher SNB base interest rate are typically CHF-positive, a growing sense of uncertainty surrounding Swiss monetary policy has led to some short-term downside, especially after an extended period of rally. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

NexGen Energy (TSX, NYSE: NXE) (ASX: NXG) is now the 100% owner of its portfolio of exploration assets in the southwestern Athabasca Basin after consolidating a minority interest held by Rio Tinto on certain projects. On Thursday, the Vancouver-headquartered uranium miner announced it has acquired Rio’s 10% production carried interest over 39 mineral claims in the region, including those hosting the PCE discovery, by exercising its right of first refusal on these assets. Financial details of the transaction were not disclosed by the company. As set out in the parties’ initial arrangement, Rio is entitled to a 10% undivided interest in future production from the mineral claims, carried through to the commencement of commercial production. This was put in place before NexGen acquired the land package in 2012. The centrepiece of the claims package is PCE — or Patterson Corridor East — an uranium occurrence situated 3.5 km east of the world-class Arrow deposit that the NexGen team discovered in 2014. Part of the larger, 100%-owned Rook I property, the Arrow deposit is host to one of the largest uranium resources in the world, containing 256.7 million lb. of U3O8 (uranium oxide) in the measured and indicated categories and another 80.7 million lb. in inferred. Anchored by this resource, NexGen considers Rook I to be the largest development-stage uranium project in all of Canada. A feasibility study in 2021 estimated an after-tax net present value (at 8% discount) of C$3.47 billion with a 52.4% internal rate of return. The proposed mine, which is now in the engineering phase, could produce nearly 29 million lb. of U3O8 per year over the first half of its approximate 10.7-year life. The PCE discovery, according to the company, could mirror that of Arrow due to their similarities in geology. Initial drilling results at PCE have indicated an expansive footprint with remarkable continuity of mineralization, it said. In a press release, NexGen CEO Leigh Curyer said that the two deposits could help meet the “ever-growing need for a safe, secure supply of uranium,” citing that the market is currently in a deficit and the massive spending required to build AI data centres, which would be powered by nuclear energy. “Given the world class extent, high grade and superior technical setting of mineralization discovered to date at our two projects, consolidating our portfolio at PCE and surrounding area to match our 100% ownership in our world-class Arrow deposit, is entirely in line with our strategic objective of becoming the future leader in uranium production worldwide,” he said. Shares of NexGen Energy surged more than 5% on Thursday in New York, closing at a near six-month high of $7.43 with a market capitalization of $4.4 billion. By Friday, the stock had pulled back to around $7.10.

Dogecoin could be approaching a structural breakout that carries it to the long-discussed $1 threshold, according to crypto analyst Stephan Burns, who in a July 24 livestream described a “perfect storm” of monetary design, market structure and what he characterizes as rare astrological alignments. Burns framed the move as an “inevitability,” while acknowledging timing uncertainty, arguing that the next parabolic advance could emerge within months. Is $1 Dogecoin Inevitable? Burns built his case first on tokenomics. Dogecoin’s fixed issuance of 10,000 DOGE per one-minute block—approximately 5.2 billion DOGE annually—translates today into an inflation rate of roughly 3.3% against a circulating supply he placed at 150 billion. With that supply base, he said, the network simultaneously sustains miner incentives, gradually replaces lost coins and avoids the periodic “supply shocks” embedded in Bitcoin’s quadrennial halving schedule. “It’s beautiful because of this inflation rate,” he said, calling Dogecoin “better as a currency than Bitcoin” precisely because of its predictability. By contrast, he argued, Bitcoin’s declining issuance—on track to fall below half a percent after the 2028 halving—forces a future reliance on transaction fees. “Eventually Bitcoin will be completely mined… the network has to be maintained by transaction fees. That’s probably not enough to incentivize miners at the end of the day,” Burns claims. He also asserted that Dogecoin’s governance surface is harder to co-opt than Bitcoin’s as large institutional and governmental actors accumulate BTC exposure. In his view, Dogecoin remains “the people’s currency,” with economic dilution limited by social and technical difficulty of altering code. The flat nominal issuance, he added, produces a declining percentage inflation rate over time without rendering the asset strictly deflationary or, in his words, vulnerable to miner attrition. Beyond economics, Burns devoted extensive time to what he calls “crypto astrology,” arguing that Dogecoin’s natal chart—anchored to its genesis block—now sits under exceptionally favorable transits. He highlighted Pluto’s conjunction with Dogecoin’s natal Moon, describing it as “a once in a roughly 250-year transit,” and an impending Jupiter return with the planet “exalted” near the project’s midheaven point. These, he claimed, historically correspond to phases of visibility, capital inflow and wealth symbolism. “Dogecoin is being activated… more than any other cryptocurrency this year,” he said, labeling the configuration a catalyst for renewed global attention. Burns linked those internal transits to a broader macro cycle, citing the approaching Saturn–Neptune conjunction at the first degrees of Aries in early 2026, which he associated—through earlier historical recurrences—with milestones such as the emergence of coinage and trade networks. In his view, that backdrop reinforces the plausibility of another speculative wave. A logarithmic review of Dogecoin’s price history, he said, shows three prior “parabolic” expansions separated by lengthening consolidation phases; the current basing structure, including what he described as an ascending W-pattern supported by long-term moving averages, could precede a fourth. “Just based off of that it looks like we may be due for another one of these parabolic moves up in the next few months,” he said, while conceding that “just because I think it doesn’t mean it’s going to happen.” He further projected that a Dogecoin exchange-traded fund “will get approved” and place the asset “in the spotlight,” though he did not provide documentation beyond his expectation. Burns also contrasted Dogecoin’s relative resilience on its Bitcoin ratio with altcoins that have reverted to prior ranges, arguing that structural holding above pre-2020 levels supports his thesis. Summarizing his outlook, Burns reiterated what he called the “inevitability of Dogecoin going to $1,” framing that level as the maximal target in his public analysis for the forthcoming cycle. The timing, he implied, hinges on the interplay between tokenomics-driven accumulation and the unfolding of the transits he tracks. “I do think it’s going to moon,” he concluded. At press time, DOGE traded at $0.23.

After failing to trade above the 99.00 psychological handle last Thursday, the Dollar Index had retracted strongly in the beginning of the week – Is the ongoing retracement over? Other majors have enjoyed from the close to 2% correction in the Index, particularly USDJPY which had been struggling since the onset of July. Markets tend to move chaotically on the small picture but the bigger picture sometimes offers some great insights. The US Dollar just marked what is for now an intermediate bottom on its index and this marked the end of the weekly run in European and Asia-Pacific currencies. Let's take a look at the DXY and a few other major charts to prepare for the month-end to next month trading. Read More: Is the S&P 500 losing steam? Taking a look at the US Dollar Dollar Index Daily Chart, July 24 2025 – Source: TradingView The US Dollar had marked a bad looking intermediate-top for its higher prospects amid the past month of selling positions closing. The path of the Greenback, always in the middle of many crosscurrents of macroeconomic and financial micmacs, tends to be complex to forecast on the longer-run. The ongoing theme in 2025 is one of US Exceptionalism that is scaring financial flows to exit American Markets or at least, strongly diversify from them. SInce 2008, the United States have captured a huge part of big bank investments. The outflows of such have had a strong impact, but they can't just happen in one shot as it has been the case this month. The speed at which that happened actually might have been a reason for the now-underweight US Equities asset managers to rush back to American markets on their strong fundamentals, leading to some strong moves to their new all-time highs. A lot of these reasons have led to the USD still marking a strong bottom at a weekly Head and Shoulders target – 96.50 is the level to keep in mind, the lowest point hit since the beginning of the 2022 hike cycle. But looking closer, what do we see? Dollar Index 8H Chart Dollar Index 8H Chart, July 24 2025 – Source: TradingView The USD is bouncing sharply after retesting both the 2025 Lows Key support zone which coincides perfectly with a retest of the 2025 Channel which had been broken upwards. The 8H MA 50 is acting as immediate resistance for the Dollar, so this weekly close should be very interesting. Marking a strong rejection here will point to a consolidation between Wednesday's 97.00 Lows and today's 97.90 Highs. Staying at the current levels or clsoing above will point to a higher path to the Dollar and a confirmation that the lows of the next few months might have already been attained. So, what are other major pairs showing?Potential double top for the EURUSD EUR/USD 8H Chart, July 24 2025 – Source: TradingView Watch the 1.17 Handle, acting as key immediate pivot. USDCAD – Still ranging but strong rally off the lows USD/CAD 8H Chart, July 24 2025 – Source: TradingView Price action is still within the range but the ongoing rally is very strong – Watch for reactions around the 1.3750 range resistance. Next key resistance is one full handle above (1.3850). GBPUSD breaking below its 2025 Channel GBP/USD 8H Chart, July 24 2025 – Source: TradingView Sellers still have to break below the 1.34 support zone but the rejection at the 1.36 Resistance is a bit nasty. July 2025 lows are at 1.33650 USDCHF – Potential double bottom USD/CHF 8H Chart, July 24 2025 – Source: TradingView Buyers will still have to break the strong downward trendline but a double bottom may have freshly formed. Concluding note The US Dollar is one of the most complex financial instrument to analyze, but looking at these current charts, there are some signs of a strong change to the ongoing 2025 flows. If price action for the major pairs stays rangebound from here, it would invalidate the US Dollar strength scenario which is always still a possibility. Trading is about taking a step back to spot the higher timeframe trends that big participants carve out, and displaying all the potential scenarios while highlighting the ones with the highest probabilities. Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Who Pays the Real Cost of Tariffs? Who Ultimately Pays the Cost of U.S. Tariffs? I recently watched an interview where Treasury Secretary Bessent downplayed the inflationary impact of President Trump’s tariffs. According to him, the burden of these import taxes will mostly fall on exporters trying to maintain U.S. market share and on retailers who will trim their profit margins to keep prices stable. He even cited Toyota’s decision not to raise prices as an example of a company working to absorb costs rather than pass them on to consumers. Maybe Secretary Bessent sees something I don’t or maybe he’s painting a rosy picture of a complex economic reality. Because here’s the truth: tariffs may be imposed on foreign goods, but Americans foot the bill. Let’s break down how U.S. tariffs work and who actually pays. What Are Tariffs? • A tariff is a tax imposed on imported goods. • When a U.S. company imports foreign products, it pays the tariff directly to U.S. Customs and Border Protection at the border. • The foreign exporter does not pay the tariff directly. Who Pays the Real Cost of Tariffs? Although the importer pays the tariff at the border, that cost doesn’t disappear. It gets passed along in the economic chain. Here’s how it affects different players: 1. U.S. Businesses • Importers may absorb part of the tariff, cutting into their profit margins. • Alternatively, they may pass the cost to consumers via higher prices. • Some companies may switch to domestic suppliers, often at a higher cost. 2. U.S. Consumers • When tariffs raise the price of goods, retailers often pass the increase to consumers. • This acts as a hidden tax on the American public, especially on items like electronics, appliances, and automobiles. • The degree to which consumers feel the pinch depends on how much of the cost is passed on. 3. U.S. Manufacturers • Tariffs on raw materials raise input costs. • This makes manufacturing more expensive, especially for small-to-midsize businesses. • Domestic producers may also raise prices in response to pricier imports, capitalizing on the pricing gap to increase profit margins.. 4. Foreign Exporters • While they don’t pay tariffs directly, foreign sellers may or may not lower prices to stay competitive. • This may means taking a hit on profits, effectively sharing some of the cost burden or risk staying competitive. • Exporters must decide whether to protect market share or preserve margins. So, Who Really Pays for U.S. Tariffs? In reality, tariffs are paid by U.S. importers and ultimately affect everyone, businesses, consumers, and even global suppliers. The impact depends on how much of the burden is shared and how much is passed on to the consumer. What happens next depends on: • How much of the cost is absorbed vs. passed on • Whether inflation reignites as prices rise • How the Federal Reserve responds with monetary policy Market Impact: A Disconnect? Interestingly, equity markets remain near record highs, suggesting the fallout from tariffs may not be as damaging as initially feared when Trump announced his reciprocal tariff plan on Liberation Day. Still, this is uncharted territory. Secretary Bessent may be betting on a “best-case” outcome where foreign exporters and U.S. businesses absorb the impact, shielding consumers from inflation. That may be like pulling an inside straight flush, whih is 0possible, but unlikely. The bottom line is that tariffs are paid by American importers and often passed on to consumers. While some costs may be absorbed along the supply chain, the inflationary effect is real and the ultimate impact remains uncertain. Join Our GTA for FREE – Click HERE Take a FREE Trial of The Amazing Trader – Click HERE The post Who Ultimately Pays the Cost of U.S. Tariffs? appeared first on Forex Trading Forum.

BitMEX co-founder and crypto investor, Arthur Hayes, has outlined the key catalysts that could drive the Ethereum price to a $10,000 all-time high by year-end. In a detailed market analysis, Hayes explains how expanding US credit policies, growing institutional interests, and a shift toward wartime economic strategies could create the ideal conditions for a major ETH price rally. Ethereum Price Set To Hit $10,000 By Year End On July 23, Hayes published an in-depth report on Substack, analyzing geopolitical trends and how they could create the ideal conditions for a major Ethereum price surge. The crypto founder has set a bold target of $10,000 for ETH by the end of 2025, attributing the future rally to macroeconomic shifts and increasing institutional appetite. Hayes believes that as the US leans further into wartime economic policies under President Donald Trump’s reign, a wave of credit expansion could be unleashed—fueling “asset bubbles,” particularly in crypto. According to the BitMEX co-founder, Ethereum could benefit most from this environment. While Bitcoin remains the crypto reserve asset, Hayes notes that ETH has been largely overlooked since Solana’s explosive rebound post-FTX. However, he asserts that the tides are turning, especially among Western institutional investors who are starting to favor Ethereum-based assets. The crypto founder pointed to growing confidence in Ethereum from financial influencers like Tom Lee and a renewed interest in DeFi ecosystems as early signs of a potential breakout. Hayes’ venture capital firm, Maelstrom, is now also fully committed to ETH and the broader ERC-20 ecosystem. He has declared that the next ”Ether bull run” is imminent, forecasting a 176.3% rise from ETH’s current price of $3,619. Alongside his $10,000 Ethereum target, the crypto founder projected that Bitcoin could skyrocket to $250,000 before the end of the year. ETH Rally Tied To US Economic And Wartime Developments In his report, Hayes seemingly connects Ethereum’s upside potential to a broader macroeconomic narrative rooted in fiscal policy and geopolitical conflict. He argues that the US is shifting toward a form of state-sponsored capitalism or economic fascism designed to fuel wartime production. According to the crypto founder, this strategy encourages banks to lend freely to companies without government-guaranteed profits. He noted that when the fiat supply increases without a corresponding rise in raw materials or labor, inflation becomes unavoidable. To manage this, he suggests the government may need to blow bubbles in non-essential assets like crypto, to absorb excess credit without destabilizing essentials like food or housing. Furthermore, Hayes believes that just as Ethereum stands to benefit from this environment, stablecoins may play a key role in building it. As the crypto market cap grows, so does the amount stored in stablecoins, most of which are reinvested into US Treasury bills. For instance, if the market cap of crypto hits $100 trillion by 2026, the BitMEX co-founder predicts that stablecoins could indirectly fund trillions in government debt, ultimately making crypto an integral player in sustaining wartime fiscal policies.

This week saw one of the most mixed price action towards the newly formed all-time highs for the 500 best US Companies – The ongoing opening bell is not showing much juice to retest the overnight highs and other global indices are also correcting on the session. The Earnings season has been more than decent but looking at the price action, buyers seem to have come to an exhaustion point. Despite a Daily Golden Cross leading to 11 consecutive new highs, the price discovery for the S&P looks to be stalling at a key zone of interest, coming short of the 6,400 psychological level for both the CFD and actual Index. Many of the best performing assets in the year have started to form local tops: looking at the strong retracement in Gold, Bitcoin, the freshly formed Double top in the Nasdaq that sellers are starting to lean up on and the Dow Jones just retesting its ATH just yesterday without breaching the level. This week had some decently positive news that could have boosted momentum for equities further such as Trump confirming he won't fire Jerome Powell and the finalized US-Japan Trade Deal. Read More: UK Retail Sales Gets Summer Boost, Trade Deal Optimism Wanes & FTSE 100 Steady Positioning and Sentiment at an extreme S&P 500 and CBOE Put/Call Ratio – July 24 2025 – Source: MacroMicro Wherever you look, Market participants mention how strong the ongoing US Trend is and how such strong momentum cannot be faded – This is far from an invitation to sell highs but to trade with more caution looking ahead. The S&P 500 Put/Call Ratio is coming at a trough and such positive & negative spikes tend to coincide with some tops, particularly amid extreme Fear/Greed levels. I remember the 2022 Bear Market concluding on an extreme put ratio against calls – The trough isn't forming such a spike today but the extremes are close. S&P 500 Technical Analysis from the Daily to intraday chartsS&P 500 Daily S&P 500 Daily Chart, July 24 2025 – Source: TradingView The S&P 500 has been flying upwards particularly since the end of the Israel-Iran conflict after forming lows at 5,930. There hasn't been much selling, with almost no daily candle closing below the prior with this pushing Daily RSI to overbought levels. Overbought RSI is by definition a standard in such strong trends – Such technical signs don't always traduce with a correction but at least an exhaustion in the move. You may also take a peek at the Potential Supply trendline that is not too far from current trading – But a closer look is more than required for further analysis. S&P 500 4H S&P 500 4H Chart, July 24 2025 – Source: TradingView Looking closer, we can spot candles that are looking less strong particularly as buyers are stepping against the 1.272 Fib-Extension from the War lows to the July 3 Local top. Momentum is currently retracting from overbought and momentum is starting to become slightly more neutral. Buyers will want to re-enter above the longer-run upwards Channel formed with the April 2025 bottom and will need to breach the current highs on strong momentum – Local CFD Highs at 6,391, Index at 6,381. S&P 500 1H Chart Looking even closer, buyers haven't given up just yet, especially with RSI momentum not breaching the neutral line. Except for the higher timeframe warning signs, holding above the 1H-MA 50 still give the short-term hand to the bulls, but they will have to break the last swing highs to gain further traction. Levels of interest to place on your charts: Support Levels: Mini-Support and 50-H MA 6,370200-H MA 6,315Key Support 6,300Past week lows 6,230Resistance Levels: 6,390 to 6,400 Current highs resistancePotential Resistance at Fib extension 6,420Level to breach for new ATH 6,391 Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Solana is treading on thin ice as it tests a crucial support zone between $175 and $177, a range that could decide its next big move. After a sharp rejection near $190, selling pressure is mounting, raising the stakes for bulls trying to defend this key area. Momentum Fades: Solana Slips Below Key Moving Averages According to GemXBT in a recent post, Solana (SOL) is currently trending downward, showing signs of sustained bearish pressure. The price has slipped below critical short-term moving averages such as the 20 MA, 10 MA, and 5 MA, suggesting that sellers are firmly in control for now. This breakdown below key technical levels is often seen as a precursor to further downside, especially when not accompanied by strong bullish reversals. At present, the immediate key support level is around $175. If this support holds, there could be a chance for a technical bounce, particularly as the RSI is now sitting in the oversold zone. Historically, oversold RSI levels can signal potential reversals or at least a short-term pause in selling pressure. However, traders are watching closely for confirmation before expecting a recovery, especially with resistance looming near $190. Adding to the bearish picture, the MACD remains below the signal line, reinforcing negative sentiment in the market and downside pressure. Until SOL can reclaim the broken moving averages and flip $190 into support, the technical outlook leans cautious, with the potential for continued volatility. Key Support Retest: Can $175–$177 Hold The Line? In a recent post on X, AlgoCats shared insights from the Solana daily chart, highlighting a critical price zone. The analyst pointed out that SOL is currently testing the $175–$177 support range, an area that once served as resistance and is now being re-evaluated as a potential floor. This zone has become a key battleground between bulls and bears in the short term. AlgoCats also drew attention to a notable upper wick on the latest daily candle, which extended into the $189–$190 region before facing a sharp rejection. This wick suggests heavy selling pressure at those higher levels, likely due to long liquidations and the presence of a significant supply zone. Such price action often reflects a lack of buying strength and the presence of aggressive sellers. Now, the focus shifts to whether the $175–$177 support can withstand the ongoing bearish momentum. According to AlgoCats, how SOL behaves around this zone will determine the next move. If support holds, a bounce is possible, but if it breaks, the market may see further downside pressure in the near term.