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After a relatively quiet week for altcoins, XRP, Dogecoin, and Shiba Inu received a fresh wave of attention thanks to a major update from Gemini. The US-based crypto exchange announced that it is now officially allowing these three tokens, as well as Bitcoin Cash and Solana, as cross-collateral assets for its derivatives platform. Major Boost For XRP, Dogecoin, And Shiba Inu Gemini’s decision allows XRP, DOGE, and SHIB holders to use their tokens as collateral for GUSD-settled perpetual contracts, a feature that was previously limited to BTC, ETH, USDT, and Gemini stablecoin GUSD. All five newly supported tokens come with varying collateral “haircuts,” meaning only a portion of their value is counted toward margin requirements. XRP and Solana each have a 15% haircut, while Dogecoin and Shiba Inu face a more severe 30% haircut due to their higher volatility profiles. Gemini has made it easier for users to trade derivatives using a broader range of holdings by bringing these newer assets into the fold. This move not only deepens the utility of these cryptocurrencies but also opens up new use cases for traders who want to leverage their holdings in perpetual contracts without converting to stablecoins. It’s a particularly meaningful step for XRP, which has been working to strengthen its institutional appeal and global payments utility. The move is also beneficial for meme coins Dogecoin and Shiba Inu, which are seeing increasing demand outside of the meme coin niche. This expansion also shows a larger trend in crypto derivatives. Many crypto exchanges, especially those in the US, are increasingly opening their doors to altcoins. It is also a drastic turnaround from the state of the crypto market some years back. For nearly three years, XRP was delisted or unavailable on most US-based trading platforms due to the legal battle between Ripple and the US Securities and Exchange Commission. It wasn’t until July 2023, following Judge Analisa Torres’s partial ruling that XRP was not a security when sold on exchanges, that the token began to make its return to major US platforms, including Gemini. Price Action Trending Downwards At the time of writing, XRP is trading around $3.13, a 1.4% decline from the previous day but still holding within its recent range between $3.06 and $3.18. Dogecoin is trading at $0.2226, with modest intraday movement after failing to sustain its push above $0.23. The king of meme coins is down by 3.2% and 14.2% in the past 24 hours and seven days, respectively. Shiba Inu, meanwhile, is trading at $0.000013, also down by about 4% in the past 24 hours and over 13% in the past seven days. Nonetheless, many analysts still maintain a bullish long-term outlook for these cryptocurrencies. Forecast models project that Dogecoin could climb to $1 in the current bull cycle, while SHIB is expected to reach at least $0.000045. XRP’s trajectory is even more ambitious among many crypto analysts, with price targets ranging from $9 to $10 if adoption momentum continues and pending US Spot ETF applications finally receive approval from the SEC.

Most Read: USD/CAD Breakout Gathers Pace After Bank of Canada Rate Hold Apple (AAPL) will release its fiscal Q3 2025 earnings on Thursday, July 31, 2025, after the market closes. This report covers April to June, a quieter period before Apple’s big fall product launches. A conference call to discuss the results and share updates will follow at 2:00 p.m. PT / 5:00 p.m. ET. What to Expect? Analysts expect Apple to show modest year-over-year growth in Q3 FY25. Earnings per share (EPS) are predicted to be $1.42–$1.43, slightly up from $1.40 last year. Revenue is forecasted at $88.92–$89.18 billion, matching Apple’s guidance for "low to mid-single-digit" growth. Gross margins are expected to be 45.5%–46.5%, factoring in a $900 million tariff impact. The Services segment is expected to lead growth with double-digit revenue, estimated at $26.9–$27.5 billion. iPhone sales should see slight growth, helped by promotions and the new iPhone 16e. Mac sales are also expected to rise, thanks to M4 chip upgrades. However, iPad revenue is likely to drop after a strong previous quarter. Source: Created by Zain Vawda, Google Gemini To provide context for the upcoming report, Apple's performance in the fiscal second quarter of 2025 (ended March 29, 2025) serves as a benchmark: Revenue: $95.4 billion, reflecting a 5% year-over-year increase and landing at the high end of the company's guidance range. Diluted EPS: $1.65, an 8% year-over-year increase, setting a new March quarter record and surpassing analyst consensus estimates which ranged from $1.61 to $1.63. Services Revenue: Achieved an all-time high of $26.6 billion, demonstrating robust 12% year-over-year growth. Gross Margin: Reported at 47.1%. Apple’s expected gross margin for Q3 FY25 (45.5%-46.5%) is slightly lower than Q2 FY25 (47.1%) due to a $900 million tariff impact. This shows that geopolitical trade tensions are now directly affecting Apple’s profitability. The company is absorbing these extra costs, which is reducing its margins. This highlights the challenge Apple faces in keeping its high profits in a complicated global trade environment and emphasizes the importance of its efforts to diversify its supply chain. Key Areas to Focus On - Segment Performance Analysis Apple’s Q3 FY25 revenue is expected to show modest growth, with iPhone sales projected at $39.8–$40.61 billion, up 2.2%–3.3% year-over-year. The new iPhone 16e and strong sales in China, driven by discounts and government subsidies, have supported growth despite tough competition from local brands like Huawei. However, maintaining this momentum may require continued aggressive promotions, which could impact profitability. The Services segment remains Apple’s strongest growth driver, with revenue forecasted at $26.9–$27.5 billion, reflecting 10.7%–11.3% growth. This segment benefits from a growing user base, over 1 billion paid subscribers, and strong App Store sales, providing a stable, high-margin revenue stream. Mac sales are expected to grow 2.2%–5%, supported by M4 chip upgrades and back-to-school demand, while iPad revenue may decline after a strong Q2. Wearables and accessories face challenges, with no major product updates to boost sales. Source: Created by Zain Vawda, Google Gemini Tariffs remain a significant concern, with a $900 million impact on Q3 gross margins (45.5%–46.5%). Apple is addressing this through supply chain diversification, shifting iPhone production to India and Vietnam. By 2027, 25% of iPhones are expected to be made in India. Apple is also investing $500 billion in U.S. facilities, including a new AI server factory in Texas. While Apple has absorbed costs so far, rising tariffs and production expenses may lead to selective price increases, particularly for high-end models. External Concerns - Tariffs and Apple’s Supply Chain Strategy Tariffs remain a major challenge for Apple, with an estimated $900 million impact on Q3 FY25 profits, reducing gross margins to 45.5%-46.5%. Former President Trump’s threat of a 25% tariff on iPhones not made in the U.S. could add $110 to the cost of each device, increasing pressure on Apple’s pricing and profitability. To address these risks, Apple is accelerating its "China Plus One" strategy, shifting production to India and Vietnam. By late 2024, 15% of iPhones were made in India, up from 5% two years earlier, with plans to reach 25% by 2027. Most iPhones sold in the U.S. are now made in India, boosting U.S. imports of Indian-made smartphones by 240% in Q2 2025. Vietnam now produces nearly all iPads, Macs, Apple Watches, and AirPods for the U.S. market. Source: Created by Zain Vawda, Google Gemini Apple is also investing $500 billion in U.S. facilities, including a new AI server factory in Texas, and stockpiling inventory to manage tariff risks. While Apple has absorbed costs so far, analysts warn that rising tariffs and production expenses may lead to selective price increases, particularly for high-end models like the iPhone 17. Forward Outlook - Apple’s AI Strategy and Market Outlook Apple is heavily investing in AI, focusing on features like Siri upgrades, Live Translation, and tools for smarter apps and photos. However, delays in AI rollouts and talent losses to competitors like Meta pose challenges. Privacy-focused on-device AI limits Apple compared to rivals, but its AI-powered Apple Silicon remains a key strength. The tech market is growing, with global IT spending expected to rise 9.3% in 2025, driven by AI and software demand. Consumer interest in smart-home, gaming, and health-tech devices aligns with Apple’s ecosystem strategy, offering opportunities in AI-enabled wearables. Source: Created by Zain Vawda, Google Gemini Apple continues strong shareholder returns, with $29 billion in Q2 FY25 buybacks and dividends, plus a $100 billion repurchase plan. Analysts remain optimistic, with a $230.92 price target (9.3% upside). Shares trade near $212.48, with resistance at $215-$216 and potential to retest $250 highs if momentum builds. Technical Analysis From a technical standpoint, Apples share price has been in a period of consolidation since late April. 2025 has not been an easy year for Apple shares given its exposure to China and concerns about a trade war. The chart below, you can see the significant selloff since early December 2024, which has continued for the majority of 2025. Lower highs and lower lows were being printed until early April before the consolidation period. Now looking ahead and a positive trade deal with China coupled with trade deals with a host of other countries could set the tone for a bullish breakout. Furthermore, a positive earnings release and a plan for AI may be what is needed for bulls to return to the fold and push prices back toward 2025 highs. Immediate support rests at 204.60 before the lower band of the range at 193.16 comes into focus. Looking at the upside, immediate resistance rests at 217.00 before the 225.00 handle comes into focus. Apple Daily Chart, July 30, 2025 Source: TradingView Follow 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.

Gold prices declined by 1% on Wednesday as solid US economic data reinforced expectations of the Federal Reserve holding interest rates steady for now, dimming the appeal of the safe-haven metal. By midday ET, spot gold traded at $3,292.75 per ounce, falling below the $3,300-an-ounce level for the first time in a month. US gold futures also fell 1%, but maintained a higher price of $3,345.3 per ounce. Click on chart for Live Prices The decline followed better-than-expected US employment data for the month of July, as well as second-quarter GDP data that beat analyst expectations. “The releases that just came out really look quite supportive for the economy. GDP was an upside surprise. Same with labor market addition. So both indicate that the Fed can continue to wait on cutting rates,” said Nitesh Shah, commodities strategist at WisdomTree. The Federal Reserve is widely expected to leave rates unchanged later in the day, resisting pressure from US President Donald Trump’s repeated calls for cuts. Traders currently see a 60% chance of the Fed cutting rates in September versus 66% before the data. Shah also noted that the louder the administration voices its distaste for current policymaking, the more likely it is to drive gold prices, as the metal tends to thrive in low-rate environments. Bullion has already risen by a quarter this year amid uncertainty surrounding global trade and increased buying pressure. In late April, it touched a record high of just above $3,500 an ounce. (With files from Reuters)

After last week's beginning push down in the US Dollar, bringing in some fresh air for Forex majors, the rest of the week reversed the action. The US dollar recovered astonishingly and broke above the 99.00 Psychological level for the first time since the June-end drop in the Dollar Index. Major pairs have largely corrected after this move, with EUR/USD going from 1.18 to currently trading below 1.15. Even the Swissie, which was close to record highs against the USD, is now being sold off. Today's FOMC Meeting will be essential for determining the future course of action, particularly as stronger GDP and Employment Data prompt the Fed to maintain its rates at the current 4.50% level. In the meantime, this ongoing rally in the USD has shifted financial flows quite largely, with the continuing geographic trend of movement in the FX space – European, Asian-Pacific, and North-American currencies are moving in tandem. The ongoing rally has started to hurt some of this year's best-performing assets, like Gold, Bitcoin and some global Equity indices, as Participants rush to buy back their heavily positioned USD selloffs. Read More: A look at US bonds ahead of the July FOMC rate decision You can take a look at the past week's Mid-week update to see how the dynamic has changed and how fast it happened. North-American Indices Performance North American Top Indices performance since last Monday, July 30, 2025 – Source: TradingView US Equity indices are still overperforming other global indices, but the progress is slowing a little bit ahead of the key events that markets are anticipating. Let's see how the most recent Trade deal news will affect the flows, with the August 1st Deadline approaching fast. Dollar Index 8H Chart review US Dollar Index 8H Chart, July 30, 2025 – Source: TradingView In our most recent US Dollar analysis, we observed how the past week correction was resembling closely to a break-retest formation, looking very bullish for the US Dollar. Its demand has suddenly flew upwards, particularly with the streak of positive data which just keeps surprising markets. Observe the reactions on the DXY to the 99.40 level, acting as a magnet for prices ahead of the Rate Decision. Also, keep a close eye on the 99.00 handle and its pivot which serves as an immediate measure for bull/bear domination of the price action. US Dollar Mid-Week Performance vs Majors USD vs other Majors, July 30, 2025 - Source: TradingView. As seen throughout the introduction, the Dollar has been rallying consequently against the other majors, particularly against the European currencies. It's surprising to see the JPY hold so well however, with markets putting the foot of the pedal ahead of tonight's Bank of Japan Rate Decision after the yen struggled quite a lot throughout July. Canadian Dollar Mid-Week Performance vs Majors CAD vs other Majors, July 30, 2025 - Source: TradingView. The performance for the Loonie has been a less impressive compared to the one from the USD – The Greenback really took off on the back of its CAD neighbour. You also can notice the performance of the JPY throughout this comparative chart. Intraday Technical Levels for the USD/CAD USDCAD 4H Chart, July 30, 2025 – Source: TradingView Since our last week look at the North-American pair, the action did materialize into a break-retest with USDCAD breaking above its 1.3750 Range highs – point which now just turned into a longer term pivot Zone. The impulsive upwards move is now consolidating just above the 1.38 Handle, with this level acting as immediate resistance. Breaking above would point to a test of the 1.3850 Main resistance. Rejecting the current levels would look to retest the highs of the range mentioned right before. This morning's unchanged Bank of Canada Policy Rate hasn't changed much to the ongoing course of action, and the struggling US-Canada trade talks is not helping the Loonie too much. US and Canada Economic Calendar for the Rest of the Week US and Canadian Data for the rest of the week, MarketPulse Economic Calendar This week still has a lot to give for both US and Canada data, with the US Core PCE and Canadian GDP releasing tomorrow morning at 8:30 (click on the image to check the expectations). Friday trading could be even bigger between US and Canadian PMIs, the August NFP release for the Employment data of the prior month and finally the University-of-Michigan 10:00 AM release. Safe Trades ahead of the FOMC Meeting! 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.

Northern Superior Resources (TSXV: SUP) cut a highlight result of 9.1 metres grading 11.99 grams gold per tonne at its Philibert property in Quebec. The stock jumped. That result, in hole PB-25-490 from about 104 metres depth, included 1 metre at 101 grams gold, Northern Superior said Wednesday. Another hole, PB-25-504, cut 18.8 metres at 1.83 grams gold from 6.7 metres downhole, including 10.6 metres at 3.02 grams gold from about 12 metres depth. “We are particularly encouraged by PB-25-504, which intersected mineralization right at the contact between the bedrock and overburden,” CEO Simon Marcotte said in a statement. “The continued success at the southeast pit, the recent deep high-grade hits, and now this new hanging wall mineralization, all underscore the potential to grow Philibert well beyond the current resource.” Shares of Northern Superior rose 3.8% to C$1.09 in midday Toronto trading Wednesday. That gave the company a market capitalization of about C$188 million. Northern Superior is conducting a 20,000-metre expansion drilling program at Philibert, which sits in the area known as the Chibougamau gold camp, about 60 km southwest of the eponymous Quebec city and 9 km from Iamgold’s (TSX: IMG; NYSE: IAG) Nelligan project. The company’s land package in the Chibougamau gold camp covers about 680 sq. km. Chibougamau is about 675 km north of Montreal. Crews are developing a follow-up drilling program at Philibert to investigate the higher-grade near-surface mineralization – as well as at depth – to increase the ounces in the resource pit. Northern Superior might also add an underground component to the resource. Other highlights released Wednesday include hole PB-25-505, which cut 33 metres at 1.29 grams gold from 9 metres depth, and hole PB-25-494, which cut 5.7 metres at 1.15 grams from about 166 metres downhole. Philibert holds 7.88 million indicated tonnes grading 1.1 grams gold for 278,900 oz. of contained metal; and about 48.5 million inferred tonnes averaging 1.1 grams gold for 1.7 million oz. of contained metal, according to a 2023 estimate.

The US Securities and Exchange Commission (SEC) has acknowledged a Nasdaq filing proposing an amendment to BlackRock iShares Ethereum Trust (ETHA). This proposal seeks to enable the ETF to stake its Ethereum holdings, allowing it to participate in the ETH proof-of-stake consensus mechanism and potentially earn staking rewards. What Happens When Institutional Staking Goes Mainstream? BlackRock just received regulatory acknowledgment to include staking in its Spot Ethereum ETF. As mentioned by Çağrı Yaşar on X, acknowledging the filing isn’t a minor regulatory checkbox. It’s the US Securities and Exchange Commission (SEC) handing institutions a key, and not just to ETH price action, but to its engine. This staking isn’t about price speculation. It’s about alignment, incentives, governance, and yield. Unlike traditional asset holding, staking involves actively securing the network by validating transactions and supporting ETH’s consensus. With recent regulatory approvals allowing BlackRock and other institutions to include staking in Spot ETH ETFs, this will enable Wall Street to hold ETH as a speculative asset. Thus, they can begin earning from the yield generated by the ETH core protocol mechanics, and integrate deeply into the network infrastructure. However, if ETH staking becomes ETF-native, it will redefine what it means to invest in a financial network. ETH would become the first global-scale digital infrastructure where traditional capital markets not only invest, but they become active participants in the protocol. The SEC has effectively validated ETH’s consensus model as not only secure but worthy of institutional involvement. This is how empires shift, and not with headlines, but with details no one expected. This highlights that major shifts in power or systems don’t always announce themselves loudly. Instead, they often happen quietly, through small regulatory changes. ETH isn’t becoming Wall Street-friendly. Wall Street is becoming ETH-compatible. This is when a new technology enters mainstream finance, and people assume it’s being reshaped to fit traditional systems. Furthermore, Yaşar noted that the network effect has just turned financial. This means that the value of a network grows as more participants join. Why Institutions Are Backing Protocol Infrastructure In an X post, VirtualBacon stated that BlackRock and JPMorgan aren’t investing in Ethereum for speculative hype or short-term price gains. Instead, their focus lies on ETH’s growing role as a foundational platform for real-world asset (RWA) tokenization and stablecoin infrastructure. Larry Fink, the CEO of BlackRock, has been unequivocal about his vision for ETH’s future, stating that he aims to tokenize stocks and build investment funds directly on the ETH blockchain. This marks a significant institutional endorsement of ETH as a platform for next-generation finance. Meanwhile, Jamie Dimon of JPMorgan has softened his previously cautious stance on cryptocurrencies, especially following recent regulatory clarity provided by initiatives under the GENIUS Act. This shift signals growing openness among traditional financial leaders to integrate blockchain technology into mainstream finance.

Winsome Resources (ASX: WR1) is walking away from its proposed acquisition of the Renard diamond mine, a deal that would have fast-tracked the development of its flagship Adina lithium project in Quebec. In April 2024, the Australian lithium developer entered into an option agreement with Canada’s Stornoway Diamonds to acquire the past-producing diamond mine in the James Bay region, which operated for nearly a decade until market conditions forced its shutdown in late 2023. The plan for Winsome was to repurpose the existing mine infrastructure at Renard for processing ore from its Adina project, which would cost far less than developing its own lithium processing facilities from scratch. The Renard site has had C$900 million invested in its development, and is estimated to have a processing capacity of 2.2 million tonnes per year. Since signing the agreement, the company has taken its time to evaluate the potential acquisition and extended the option date several times, with the most recent deadline set at August 31, 2025. To activate the option, it would need to pay a total consideration of C$52 million, including an initial payment of C$4 million. This week, Winsome announced that it has exercised its right to terminate the call option agreement, citing the “evolving lithium market conditions and broader macroeconomic considerations.” “The company remains focused on the advancement of its flagship Adina lithium project and continues to monitor sector conditions and assess opportunities aligning with its long-term strategy and capital allocation priorities,” the company stated in a press release Tuesday. The Adina project is hailed as one of the top three largest lithium resources in North America, at nearly 78 million tonnes grading 1.15% Li2O, about half of which is in its production plans. Over an estimated life of 21 years, the mine is expected to produce 280,000 tonnes of spodumene concentrate annually. Anchored by this production, a scoping study released last year gave the project a post-tax net present value of $743 million, an internal rate of return of 43%, and a payback period of 1.8 years. However, the spodumene concentrate prices at the time are forecasted at $1,375 per tonne, more than double the current market price. Winsome Resources closed the Wednesday trading session 9.4% higher with a market capitalization of A$42.7 million.

Most Read: Microsoft (MSFT) Earnings Preview: AI, Azure, and Outlook USD/CAD is eyeing its 5th consecutive day of gains, but with two Central Bank meetings to navigate will such a move materialize? Bank of Canada (BoC) Keep Rates on Hold The Bank of Canada kept its interest rate steady at 2.75% in July 2025, as expected. This marks the third hold after cutting rates by 2.25 percentage points over seven decisions. The Bank said it couldn’t provide clear guidance on the economy due to uncertainty caused by U.S. tariffs, which continue to disrupt global trade. Despite the challenges, Canada’s economy has remained resilient, with strong employment and positive growth projections for the second half of the year under current tariff conditions. However, second-quarter GDP is expected to shrink as exporters received fewer orders after rushing shipments in the first quarter. On inflation, the Bank expects it to stay close to its 2% target in the medium term. Interest Rate Differential Favors USD/CAD Upside There is currently a rate differential in play between the US and Canada. This comes after an aggressive rate cutting cycle by the Bank of Canada while the US Federal Reserve adopted a more cautious approach. If the Fed continues to hold rates as I suspect, this differential will underpin USD/CAD until either the BoC or the Fed blink. If the BoC blink first, this could add further to the differential and help USD/CAD rise even further. Oil Prices to Play a Role? As trade deal announcements continue to flow through as well as the IMF increasing their outlook for global growth this morning, will Oil prices power ahead? The question this year has been one of a global slowdown, but following the upgraded US GDP outlook today and the IMF news, is oil demand set for a boom? According to the IMF, Global growth is projected at 3.0 percent for 2025 and 3.1 percent in 2026, an upward revision from the April 2025 World Economic Outlook. This reflects front-loading ahead of tariffs, lower effective tariff rates, better financial conditions, and fiscal expansion in some major jurisdictions. Global inflation is expected to fall, but US inflation is predicted to stay above target. Downside risks from potentially higher tariffs, elevated uncertainty, and geopolitical tensions persist. If this is correct and Oil prices continue to trend higher, this could put a spanner in the works for further USD/CAD upside. Higher Oil prices could offer support to the CAD and may offset the rate differential, leaving USD/CAD somewhat rangebound. WTI Oil Daily Chart, July 30, 2025 Source: TradingView.com (click to enlarge) Technical Analysis - USD/CAD From a technical standpoint, USD/CAD has many confluences that are pointing toward further upside. First we have a potential triple bottom pattern which concluded with a low on July 23, 2025. (see chart below) Next we have the channel break which has the potential to ignite a rally all the way up toward previous highs around 1.4800. The period-14 RSI has also broken above the neutral 50 level and is still some distance away from overbought territory. A sign of further upside ahead? There will be a pullback at some point with strong resistance ahead at around 1.3900-1.4000 area. The bullish setup will only be invalidated with a daily candle close below the 1.3585 handle. USD/CAD Daily Chart, July 30, 2025 Source: TradingView.com (click to enlarge) Client Sentiment Data - USD/CAD Looking at OANDA client sentiment data and market participants are short on USDCAD with 63% of traders net-short. I prefer to take a contrarian view toward crowd sentiment and thus the fact that so many traders are short means USD/CAD prices could rise in the near-term. For all market-moving economic releases and events, see the MarketPulse Economic Calendar. 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.

The Canadian dollar extended its losses on Wednesday. In the North American session, USD/CAD is trading at 1.3811, up 0.29% on the day. The Canadian dollar is down for a fifth straight trading day, declining 1.6% during that time. Earlier, the Canadian dollar weakened to 1.3819, its lowest level since May 30. Bank of Canada holds rates As expected, the Bank of Canada held the benchmark rate at 2.75% for a third consecutive meeting. The rate statement noted that US trade policy remains "unpredictable". Canada and the US are still locked in a trade war and the BoC will be hesitant to lower rates until there is greater clarity with regards to US trade policy vis-à-vis Canada. Fed expected to stay on the sidelines again The Federal Reserve meets later today and is all but certain to maintain the benchmark rate for a fifth straight meeting. Although the rate decision won't be a surprise, investors will be looking for clues regarding the September meeting, as the markets have priced in a rate cut at 63%, according to CME's FedWatch. What could prove interesting at the meeting is the possibility of a split vote. Not one dissenting vote, but perhaps two. Fed Governor Christopher Waller and Fed Vice Chair for Supervision Michelle Bowman have both voiced concern that interest rates are too high given the widening cracks in the US labor market. The last time that two members dissented in a rate decision was in 1993. Fed Chair Powell is likely to be quizzed about tariffs and inflation at his press conference. The US has concluded trade deals with the Japan and the EU, which has reduced the uncertainty over trade policy. Will Powell sound hawkish or will he signal that the Fed is ready to cut in September? USD/CAD Technical USD/CAD has pushed above resistance above 1.3782 and 1.3795 and is testing 1.3817. Next, there is resistance at 1.38301.3760 and 1.3747 are providing support USDCAD 4-Hour Chart, July 30, 2025 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.

Markets have just received the data for both ADP Private Employment (104K vs 78K estimate) and the Annualized US GDP Data (3% vs 2.4% exp), with both showing strong signs for the largest Economy yet again. Equity Markets have been moving choppy since the weekly gap at the open, and as the US Dollar is making fresh new highs, it is a good time to look at US Treasury Bonds. These are not the most commonly traded asset class by Retail Traders but they still represent a gigantic volume of financial transactions daily, particularly US Treasuries. Bonds have been struggling to find strong demand despite the June war-fears and the few bouts of flight-to-safety that markets have seen. Between record deficits, an isolationist Trump Administration Policy, tariffs leading to much higher inflation expectations (bad for bonds) and a general rewiring of financial flows throughout 2025, Gold and the CHF really have been the standout performers in term of Safe-Havens at the cost of USTs. Is there anything that could prop the bonds to rally despite the strong data which would on paper make it more interesting to invest in risk assets? Read More: Microsoft (MSFT) Technical: Bullish trend remains intact above 20-day moving average For those who don't know, bonds and their supply/demand move the yields that we see on TV: US 10Y Yield, it might also be common to see the US 30Y Yield with its relation to borrowing rates. For a straightforward explanation, higher demand for bonds (bonds up) = Lower Yields (generally). Let's take a look at the US Treasury curve and spot technical clues on US 10Y Bonds for future price action. Taking a look at the US Yield Curve US Treasuries Yield Curve, July 30, 2025 – Source: TradingView On this chart above, we see the tenures for Yields of different bond durations. The Purple line shows the 1-year ago, flattened yield curve from higher main policy rates leading to lower inflation expectations (hence lower longer duration yields) The Red line shows the 1-month ago curve, with the same shape as the current one but with higher yields across. The yield curve is currently steep as Markets price in lower rates in the upcoming 2 years, leading to higher long-term inflation expectations (even higher than before due to tariffs). The pricing of interest Rate cuts tend to steepen the curve. No cuts are expected for this meeting but there is still about 50 bps of cuts expected to the current 4.50% Main Policy Rate. Comparative Performance for different Bond tenures Bond Performances since March 2025 to today – Source: TradingView As seen with this comparative performance chart, higher inflation expectations and deficits combined with a lower general trust for what was considered one of the safest hedge against risk has propped up longer-run bonds quite largely. This is in part one of the reasons why Borrowing Rates are so high in the US (look at the 2 and 10 Year bond perf vs the 30Y). That's another effect of the Trump Steepening effect, infamous among bond traders. Technical Analysis for the most commonly traded US Treasury: The 10-Year BondWeekly Chart for the US 10Y Bond US 10 Year Bond Weekly Chart, July 30, 2025 – Source: TradingView Since the end of the hike cycle in July 2023, bonds have been stuck in rangebound trading. Bond Markets have been in a unique phase after decades of lower yields and Quantitative Easing leading to Central Banks buying Bonds to lower yields further (similar to what the Bank of Japan has been doing since the end of the 1990s). Particularly with the ongoing diversification from US Investments from actors like China for example (who used to be huge bidders for USTs), it is difficult to look at the past to spot similar conditions. Anyhow, prices have been consolidating for almost 2 years in a 7 handle range (107.00 to 114.00 with a few fakeouts) and Participants are still looking to get a better view on the effect of inflation on tariffs. Prices are just passing above the flat 50-Week MA – reactions here will be interesting. Part of the reason why the FED is reluctant to cut rates is due to the ongoing strong US economy. Any cut right now would lead to much higher expected inflation in the future and may bring up longer-run borrowing rates too much for the Economy to handle, despite lower short-term policy rates. Daily Chart US 10 Year Bond Daily Chart, July 30, 2025 – Source: TradingView There is an ongoing triangle formation looking closer to the daily charts, with Bonds freshly rebounding on the lower trendline (supported by the 50 and 200-Day MAs). However, the fun for Bonds was short-lived with this morning's Beat on US Data which brought some supply. Looking at the RSI and the flat Moving Averages, the action is more neutral than anything, and it seems that markets have priced in the impact of tariffs – The rest will be to see if data comes in worse or better than the current pricing. Spot the reactions as we approach to the top or bottom of the Triangle formation. Support Levels: 50-Day MA 110.90110.50 Lower bound of Triangle formation109.00 to 110.00 Main SupportResistance Levels: Mid-range Pivot acting as immediate resistance 111.50July 1st Highs 112.38Intermediate Resistance around 112.50113.00 to 114.00 Main Resistance4H Chart for the 10Y Bond US 10 Year Bond 4H Chart, July 30, 2025 – Source: TradingView We are seeing the establishment of a Pre-FOMC range between the 110.74 Lows and the 111.42 Highs – These will be the levels to watch for relative bull/bear strength as volatile trading after the rate decision may easily test these boundaries and potentially break them. The rest is to see if we break higher or lower, depending on the communication regarding future cuts. Safe Trades and good luck for the upcoming FED Meeting! 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.

US President Donald Trump’s executive order to fast-track deep-sea mining has reignited fierce global debate over the future of ocean resources, international law and environmental oversight. Framed as a bid to reduce US reliance on China for critical minerals, such as nickel and copper, the move has instead sparked concerns over ecological damage and international stability. Signed in April, Trump’s directive leverages the US Deep Seabed Hard Mineral Resources Act to bypass international regulatory bodies and directly authorize seabed mining operations, including in international waters. This path circumvents the United Nations’ International Seabed Authority (ISA), the global body responsible for regulating deep-sea mining and protecting ocean ecosystems. The order marks a dramatic shift away from decades of US adherence, albeit unofficial, to the UN Convention on the Law of the Sea (UNCLOS). While the US has never ratified UNCLOS, it has historically followed its guidelines, particularly when asserting claims over maritime territory. The new unilateral approach signals a departure that legal experts warn could undermine global maritime governance and spark a broader trend of independent action. Fracturing framework Mining lawyer Scot Anderson, co-head of the Energy and Natural Resources practice at Womble Bond Dickinson, notes the US has always had an “awkward relationship” with UNCLOS. Although Washington helped shape the treaty, it rejected ratification due in part to provisions requiring shared mining technology. Even so, the US has long abided by its deep-sea mining provisions through a separate agreement under Part XI of UNCLOS. “By fast-track deep sea mining, the US may undercut that framework, and could create both legal and diplomatic risks,” Anderson told MINING.COM. He cautioned that other countries may now feel justified in ignoring international norms. “[actions that weaken the UNCLOS legal framework] could embolden nations already expanding claims to territorial waters to stretch boundaries further,” he added. This shift comes as the ISA continues to delay the release of long-promised exploitation rules. Under UNCLOS, the ISA was obligated to publish those regulations by 2023 after Nauru Ocean Resources Inc. triggered a rule-making deadline with its 2021 application to mine the Clarion-Clipperton Zone, a mineral-rich region of the Pacific. Two ISA meetings have passed without agreement, leaving a vacuum that countries like the US are now exploiting. ISA Secretary-General Leticia Carvalho, who took the helm in January, has sharply condemned moves to bypass the authority’s governance, warning that any unilateral action weakens international law and collaboration, just as ecological and legal safeguards are needed most. Environmental and diplomatic fallout Greenpeace USA’s latest report, Deep Deception, argues that geopolitical tension is being strategically leveraged to justify a reckless rush into seabed mining. The group accuses the industry of exploiting regulatory delays to fast-track exploitation of one of Earth’s last untouched frontiers. Major General (Ret.) Randy Manner, in the report’s foreword, warned that defying international consensus could destabilize the very foundations of national security. “The bedrock of national security is not simply weapons or minerals — it is global stability, rule of law, and ecological resilience,” Manner wrote. Jeff Watters, vice president of external affairs at Yale University’s Ocean Conservancy, echoed that warning. “A decision to unilaterally embark on deep-sea mining runs counter to the way we as a global community have been cooperatively working on the high seas for decades,” he said in a recent interview. Watters argues that such moves could trigger diplomatic rifts and even maritime conflict. “It opens a Pandora’s box of legal and territorial disputes on the high seas. We’re not just talking about environmental impact — this is about maintaining peace and order in international waters.” Full tilt Despite the controversy, Canada’s The Metals Company (TMC) is moving full speed ahead. In April, the company submitted applications under the US mining code for a commercial recovery permit and two exploration licences covering nearly 200,000 square kilometres of the Pacific seafloor. These zones include areas rich in polymetallic nodules—rocky deposits laden with cobalt, manganese, and rare earth elements. In June, South Korea’s Korea Zinc invested $85.2 million in TMC, acquiring a 5% stake. The deal positions Korea Zinc as a non-Chinese alternative capable of refining TMC’s extracted materials into battery-grade metals. “This is more than capital,” said TMC CEO Gerard Barron. “It’s alignment on values, on urgency, and on building a resilient supply chain for the United States.” Peer Impossible Metals, a Silicon Valley startup with operations in Riyadh, Saudi Arabia, has asked US federal officials to launch an auction for access to seabed deposits off the coast of American Samoa. Scramble beneath The US is not alone. Several nations, including the Cook Islands, Japan and Norway, are pursuing deep-sea mining within their territorial waters, citing rising global demand. The International Energy Agency (IEA) projects surging needs for key minerals used in clean energy tech. Copper and rare earths may see demand jump 40%, while lithium, cobalt, and nickel could rise as much as 90%. Supporters of seabed mining argue that undersea extraction has a lower environmental footprint than traditional land-based mining. But critics insist that claim remains unproven. The deep ocean is home to ecosystems that science barely understands, and disturbing them could trigger consequences that ripple up the food chain. Watters notes that the failure of the ISA to issue clear rules only deepens the risk of chaotic, piecemeal development. Until the global community sets enforceable guidelines, he says, the temptation for countries to act alone will remain and that makes future conflicts more likely. Ticking clock As the ISA struggles to finalize its framework, time may be running out for international coordination. Once one nation begins commercial-scale mining outside the UN framework, others may follow. This will set a precedent that could unravel decades of diplomatic effort. For now, Trump’s executive order has lit a fuse under the global seabed, raising difficult questions about who controls the ocean floor and at what cost. Whether the world moves toward cooperation or conflict may hinge on how quickly (and how wisely) international bodies and national governments respond.

Bitcoin remains trapped in a tight consolidation range that began over two weeks ago, fueling expectations of an imminent breakout or breakdown. The lack of decisive movement has created a state of market indecision, with neither bulls nor bears taking full control. Price continues to hover between key support and resistance levels, showing no strong signs of accumulation or distribution. According to new data from CryptoQuant, the Bitcoin Heat Macro Phase—a metric that reflects the overall temperature of the market—currently sits at a neutral level. This indicates that market conditions are balanced, with no clear dominance from buyers or sellers. Profit-taking remains moderate, ETF inflows have slowed, and long-term holder activity is stable, all of which support the view that the market is in a wait-and-see mode. The current structure suggests that a major move is likely approaching. With volatility compressed and the market treading water, traders and investors are closely watching for a signal that will define the next leg. Whether Bitcoin breaks out toward new highs or rolls over into a correction, the coming days will be crucial in shaping the short-term trend and broader sentiment across the crypto landscape. Bitcoin Heat Macro Phase Signals Neutral Market Top analyst Axel Adler recently shared insights into the Bitcoin Heat Macro Phase—a metric that condenses several key market indicators into a single scalar value, offering a simplified yet powerful view of where Bitcoin stands in its broader macro cycle. The metric combines data points such as overvaluation assessments, profit-taking activity, long-term holder (LTH) selling pressure, and ETF inflows to gauge whether the market is overheated or entering a favorable accumulation zone. When the Heat Macro Phase reaches high values near 50%, it typically signals that these components are at their upper historical bounds—suggesting an overheated market that may be nearing a distribution phase or a correction. Conversely, readings closer to 30% reflect cooler market conditions: lower profit-taking, modest ETF activity, and minimal LTH selling. These scenarios often indicate that the market is undervalued and ripe for accumulation. Currently, the Bitcoin Heat Macro Phase sits at 44%, putting it squarely in the neutral zone. Adler explains that this level reflects a balanced market environment—neither overbought nor undervalued. There’s no clear dominance by bulls or bears. Profit-taking is beginning to accelerate, but it hasn’t reached a level that would suggest a broader exit is underway. This mid-range reading aligns with Bitcoin’s recent price action, which has remained in a tight consolidation for over two weeks. As the metric hovers in neutral territory, it reinforces the idea that the next significant move—whether upward toward new highs or downward in a correction—will depend entirely on upcoming price behavior. For now, the Bitcoin Heat Macro Phase acts as a market barometer, signaling patience as investors wait for the next breakout or breakdown to confirm direction. BTC Price Action Details: Tight Consolidation Bitcoin continues to consolidate between well-defined support and resistance levels, currently trading at $118,269.81 on the 12-hour chart. The price action has remained confined within a horizontal range, with upper resistance at $122,077 and strong support at $115,724. This range has persisted for over two weeks, reflecting a phase of indecision where neither bulls nor bears have asserted dominance. The 50, 100, and 200 SMAs—located at $116,342, $111,334, and $106,668, respectively—are all trending upward, suggesting that the broader structure remains bullish. BTC is currently trading above all key moving averages, which are acting as dynamic support. However, volume has decreased significantly, indicating a lack of conviction from both sides of the market. The tightening structure suggests that a breakout is approaching. If buyers manage to push BTC above $122K with strong volume, the next leg higher toward new all-time highs could follow. On the other hand, a breakdown below $115K would invalidate the current setup and open the door to a deeper correction. Featured image from Dall-E, chart from TradingView

Since the major swing low of 7 April 2025, which was seen across the major US stock indices ex-post US Liberation Day tariffs announcement, Meta Platforms performed almost on par (39.12%) with the “Magnificent 7”; 6 mega-cap technology stocks, inclusive of Tesla (40.34%) (see Fig 1). Meta Platforms is set to report its Q2 earnings after the close of the US session on Wednesday, 30 July. Analysts expect earnings per share (EPS) of $5.88, up from $5.16 in the same quarter last year. Fig 1: Performance of Mag 7 ETF, NVDA, MSFT, META, AMZN, GOOGL, AAPL & TSLA from 7 April to 28 July 2025 (Source: TradingView) Fig 2: Meta Platforms medium-term trend as of 30 July 2025 (Source: TradingView) Preferred trend bias (1-3 months) Bearish bias with 747.90 as key medium-term pivotal resistance, and a break below 680.50 exposes the next medium-term support at 620.55 (also the 200-day moving average and the 50% Fibonacci retracement of the up move from 21 April 2025 low to 30 June 2025 all-time high). Key elements Based on the Elliot Wave Principle/Fibonacci analysis, the recent medium-term uptrend phase from 21 April 2025 low to 30 June 2025 high may have reached an exhaustion point at 747.90, which increases the odds of a medium-term corrective decline at this juncture.The daily RSI momentum indicator has staged a bearish breakdown below a key parallel ascending support and has yet to reach its oversold region (below 30). These observations suggest a build-up of bearish momentum. The ratio chart of Meta Platforms versus the S&P 500 has trended lower since 11 July 2025, which highlights further potential relative strength underperformance of Meta Platforms against the S&P 500. Alternative trend bias (1 to 3 months) A clearance above 747.90 invalidates the corrective decline scenario to see the continuation of the bullish impulsive up move sequence for the next medium-term resistances to come in at 804.90 and 848.00 (Fibonacci extension and the upper boundary of the long-term secular ascending channel from the October 2022 low). 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.

A recent viral story shared by TikTok user Steve shows a new level of sophistication in phishing scams. Gone are the days of poorly written emails filled with grammatical and logical errors. Now, scammers have figured out how to mimic real customer support email addresses – in this case, from Coinbase itself. Voice Phishing – ‘Vishing’ Latest Scam Tool The scam follows a consistent pattern. The victim receives an automated voicemail from a U.S. phone number claiming to be Coinbase, warning of suspicious account activity. Then, the scammer makes a live follow-up call from a supposed Coinbase support team member, stating there has been an unauthorized attempt to change the victim’s email and phone number. The scam unfolds quite simply—while attempting to ‘stop’ the supposed unauthorized attempt, the scammers gradually build the victim’s trust and collect information. Eventually, often after multiple calls from different numbers and various ways of ‘confirming’ the scammers were legitimate, the phishing attempt reaches its peak, and the victim is asked for their wallet keyphrase. TikTok user Steve remained suspicious and recognized that asking for a seed phrase is the one inviolable law of crypto: ‘not your keys, not your crypto.’ Give up that seed phrase, and you no longer control your digital assets. But the mix of fear and urgency – stop the threat now! – can compel people to reveal information they would never share otherwise. Phishing Attempts Build Off Leaked Data Trust is built on information, and during interactions, scammers often refer to key personal data. They used his real name and email address obtained through leaked data to appear legitimate. Coinbase experienced several significant data breaches in the past, including a major leak of private information in May. The company estimates that social engineering scams cost them over $300 million annually. It also disclosed that personal data from as many as 97,000 users was exposed through bribed or compromised call center staff. Coinbase branding is also a key part of the scheme, with scammers using websites and emails that closely resemble the real ones. Fraudsters reportedly deceive users through cloned emails, spoofed caller IDs, PBX systems, and even pre-generated seed phrases. Private Keys, Non-Custodial Wallets Key to Defeating Phishing Scams In the end, never divulge your key phrase. And along with that, use a non-custodial wallet. Savvy crypto investors can protect themselves from most attacks by personally keeping your keys and not depending on a third party. Using a wallet with the most recent crypto security features is also important. Luckily, Best Wallet app offers MPC and biometric security – and is fully non-custodial. Best Wallet Token ($BEST) – Advanced Security Meets Web3 Utility Best Wallet Token ($BEST) offers the best of both worlds – a no-KYC, non-custodial web3 wallet combined with the latest in crypto security measures. And the $BEST token enhances the wallet’s core functions. Beyond swaps, multiple wallets, and a growing list of supported chains and tokens, users also benefit from lower transaction fees, higher staking rewards, and early access to the best new crypto projects. Web3 wallets like Best Wallet are increasingly more than just places to store your digital assets; they serve as gateways to the emerging crypto economy. That’s certainly true with Best Wallet, which plans to introduce a Best Card to complement the wallet and token. The $BEST presale has already raised over $14M; with tokens priced at $0.025405 (and our price prediction showing a possible increase to $0.05106175), there’s never been a better time to get in on the project, so check out how to buy $BEST. Visit the Best Wallet Token presale to learn more about the project. $BEST, Best Practices Key To Defeating Phishing Attempts Ultimately, most scammers seek quick wins; victims who lack knowledge and willingly give up their information. Keep your keys to yourself and always use a non-custodial wallet. As always, we’d like to stress the importance of doing your own research. This isn’t financial advice.

Crypto analyst Lourenço has predicted that the Ethereum price could rally to $9,000 in this market cycle. This comes as ETH eyes a breakout against its BTC pair, which could spark a massive run for the crypto and other altcoins. Ethereum Price Eyes Rally To $9,000 This Cycle In an X post, Lourenço opined that the Ethereum price could rally to as high as $9,000 at some point in this market cycle. This came as he analyzed the weekly ETH chart. The analyst noted that, depending on how the trend on the upper side of the wedge is drawn, the altcoin may have already broken it with hard closes above. Lourenço declared that the $4,000 level is an important one and that once it flips into support, there will be additional resistance between $4,700 and $5,000. However, the analyst believes that the Ethereum price is ultimately set to go and tag between $8,000 and $9,000. He also indicated that the risk-return ratio on ETH is very hard to ignore at the moment. Crypto analyst Galaxy also echoed a similar bullish sentiment for the Ethereum price. In an X post, he said that there is a lot of potential upside for ETH on the BTC pair. The analyst noted that the Relative Strength Index (RSI) is still bottomed and that, from his perspective, the trend is just beginning. His accompanying chart showed that the RSI isn’t in overbought levels despite the fact that the Ethereum price has rallied over 60% in the past month. Notably, ETH’s RSI had surged above 60 on previous highs, including when it reached its current ATH of $4,800 in 2021. The Key Is For ETH To Break Above $4,000 In an X post, crypto analyst Ted revealed that the key is for the Ethereum price to break above the $4,000 level. He noted that since the 2021 ATH, ETH hasn’t been able to reclaim the $4,000 level. However, if that happens this time around, he declared that the ETH pump will be “unstoppable.” His accompanying chart showed that the Ethereum price could rally to $5,200 in the short term. This will mark a new all-time high for the altcoin. Crypto analyst Merlijn also hammered on the $4,000 resistance. He noted that this has been the ceiling for ETH since 2021, and it has been rejected from this level seven times. However, the Ethereum price is again looking to break above this level. Merlijn remarked that this resistance isn’t just another resistance but the “gate to price discovery.” His accompanying chart showed that ETH could reach $11,000 between now and 2026 if it breaks this resistance level. At the time of writing, the Ethereum price is trading at around $3,800, up in the last 24 hours, according to data from CoinMarketCap.

Microsoft is the second top-performing stock in the “Magnificent 7” group since 7 April 2025, major low (ex-post US Liberation Day tariffs announcement), where it staged a rally of 43.48% from 7 April to 28 July (see Fig 1). Microsoft is set to report its Q2 earnings after the close of the US session on Wednesday, 30 July. Analysts expect earnings per share (EPS) of $3.38, up from $2.95 in the same quarter last year. Fig 1: Performance of Mag 7 ETF, NVDA, MSFT, META, AMZN, GOOGL, AAPL & TSLA from 7 April to 28 July 2025 (Source: TradingView) Fig 2: Microsoft medium-term trend as of 30 July 2025 (Source: TradingView) Preferred trend bias (1-3 months) Bullish bias with key medium-term pivotal support at 486.00 with resistances at 536.10/539.55 (Fibonacci extension cluster), and 566.90 (upper boundary of medium-term ascending channel and Fibonacci extension) (see Fig 2). Key elements The key medium-term support of 486.00 is defined by the rising 50-day moving average.Since its 7 April 2025 low of 344.79, its price actions have evolved within a medium-term ascending channel and traded above the 50-day moving average since 25 April 2025, which supports an ongoing medium-term uptrend phase.The ratio chart of Microsoft versus the S&P 500 has continued to trend higher above an ascending trendline in place since 31 March 2025 that highlights further potential relative strength outperformance of Microsoft against the S&P 500.Alternative trend bias (1 to 3 months) A breakdown below 486.00 damages the medium-term uptrend to kickstart a corrective decline sequence to expose the next medium-term supports at 456.20 and 437.00 (also the 200-day moving average). 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.

British fintech and neobank Revolut is considering acquiring a US bank to accelerate its entry into the American market. According to a recent report by The Financial Times, published on 30 July 2025, Revolut is eyeing the acquisition of a nationally chartered bank that already holds a license. If this goes through, Revolut will be able to skip the often-lengthy procedure of acquiring a banking license from scratch. By shortening the process of securing an independent banking charter, Revolut will be able to simplify its lending capabilities in the American market. The report also indicates that the UK-based neobank is considering applying for its own US banking license as an alternative to acquiring an existing chartered institution. Revolut has been eying a US market expansion for some time now. It has 60 million users worldwide as of now, and an entry in the US, as the world’s largest financial market, is expected to boost its deposits in contrast to the slowdown that many UK fintech companies are currently facing. According to the Financial Times report, Trump’s deregulatory push has led investors and companies to believe that the bank charter process can be sped up by the Office of the Comptroller of the Currency. Revolut, as a result, is carefully considering its options before making a concrete move. Explore: Top Solana Meme Coins to Buy in July 2025 Revolut Seeks To Scale Via Expansions In The Middle East, Latin American Market Reportedly, Revolut is currently amidst discussions for a funding round that would boost its valuation to around $65 billion, according to the Financial Times. The company will allocate a portion of the raised capital to further its expansion plans in the future. Revolut has explored similar acquisition opportunities in other regions as a part of its broader expansion strategy, including plans to buy a bank in the Middle East. Additionally, just last month, it finalised the purchase of the Argentinian lender Cetelem from BNP Paribas. While it also holds a banking license in Lithuania, which grants Revolut access to the European Union and Mexico, the company has yet to score a banking license in the UK. While its application was approved last year, regulatory restrictions in the region have continued to limit its lending operations. Explore: 10+ Crypto Tokens That Can Hit 1000x in 2025 Revolut Acquiring US Bank License: Could Reboot Digital Asset Play Revolut’s global ambitions, however, are beyond just traditional banking. The company already offers crypto trading across the UK and the European Economic Area (EEA) and has resumed limited services in Hungary last week. A new legislation in Hungary required crypto firms to secure domestic licenses, leading to a pause earlier in the summer. Revolut stopped its crypto offerings in the US in October 2023 amid regulatory uncertainty. Now that perspectives have changed, its pursuit of a banking license can potentially clear a pathway for the company to offer a broader range of services in the US, including digital assets. However, it all depends on whether its application is approved or not. Explore: Best New Cryptocurrencies to Invest in 2025 Key Takeaways UK neobank, Revolut, is eying a US nationally chartered bank to accelerate its American license bid The UAE and Latin America are a part of Revolut’s global expansion strategy Revolut is weighing its options and might consider applying for its own US banking license as an alternative The post Revolut Eyes US Bank Buyout To Accelerate Its American License Bid appeared first on 99Bitcoins.

On November 16, Chileans will head to the polls to elect their next president, who will govern until 2030 and, in doing so, set the course for the country’s most important economic engine: its mining sector. At stake is the future of Codelco, the state-owned copper giant that helped build modern Chile but is now drowning in debt, stuck with aging infrastructure and recovering from years of production declines. Once a source of national pride, Codelco has been teetering on the edge of an industrial crisis. As of December last year, the company’s debt has ballooned to over $20 billion and production was slowly edging higher after hitting a 25-year low in 2022. Legal obligations to hand over 70% of its profits and 10% of its sales to the government have choked its ability to reinvest in itself, threatening its future and the fiscal stability of the country. Once a source of national pride, Codelco has faced challenges. (Chuquicamata miners, courtesy of Codelco.) With rival candidates offering radically different solutions, from sweeping privatization to aggressive state reinvestment, this election is shaping up to be more than just a political contest. It’s a make-or-break moment for Chile’s mining future. As the world’s leading copper producer and a top supplier of lithium, Chile’s supply is essential to the global push for electrification. If its mining engine stalls, the ripple effects won’t stop at its borders. With the primary season behind them, the final contenders are now locked in a high-stakes battle over the country’s economic core. If no one wins a majority, a runoff on December 14 could extend the uncertainty. Candidates on both sides of the political spectrum are presenting starkly different paths forward, ranging from state-led modernization to partial privatization. Either way, the path Chile chooses later this year could redefine its role on the global resource map and determine whether its mining sector sinks or rebounds. Right-wing rivals: privatization and market-oriented policies LEFT: José Antonio Kast. (Image courtesy of Patricio Alarcón | Flickr Commons.) | RIGHT: Evelyn Matthei. (Image courtesy of Chile’s Government | Wikipedia.) On the right, both Evelyn Matthei and José Antonio Kast are pushing for partial privatization of Codelco. They argue that opening the company to private capital and loosening state control would improve efficiency and restore its financial health. Their plans include selling non-core assets to pay down debt and shifting focus from state revenues to operational performance. While these proposals could generate immediate fiscal relief, they carry political risks. Chileans have historically resisted privatization of strategic assets, and backlash from workers and unions could be fierce. Still, their market-oriented vision has gained traction among investors frustrated with sluggish permitting, bureaucratic delays and rising costs under the current administration. Jeannette Jara and the far left: full public control Jeannette Jara. (Image courtesy of Chile’s Government | Wikipedia.) Jeannette Jara of the Communist Party was chosen in June to represent the ruling coalition. She beat her second-place rival Carolina Tohá, who was proposing a restructuring of Codelco to allow it to retain more profits for reinvestment rather than draining cash to fill government coffers. Jara opposes the current government’s proposed joint venture between Codelco and lithium miner SQM (NYSE: SQM), citing past scandals and calling for a new public company to co-develop lithium resources. If elected, she says she would honour any deal finalized before her term, but prefers a model akin to Codelco’s role in copper. On foreign policy, Jara has pledged to focus on diversifying trade ties, including with China, India and within Latin America, especially if US tariff threats escalate. “We have to act prudently to safeguard our national interest,” she has said. While polls suggest she could make it to a run-off, most scenarios show her losing to a right-wing contender in the second round. Tightrope for investors Chile’s economy has held up well in 2025, buoyed by mining activity. GDP grew 2.3% year-on-year in the first quarter, with further acceleration in April, according to BNP Paribas. But long-term stability will depend on resolving Codelco’s troubles and creating a regulatory environment that attracts investment without sparking social unrest. John Zadeh, CEO of junior mining investment firm Discovery Alert, said the election could tip the scales for global investors. “Chile’s election is a referendum on how to balance resource nationalism with economic pragmatism,” Zadeh said. “The status quo, however, guarantees decline.” Security concerns continue to be a primary issue for voters, as rising crime in what was once a safe and peaceful Chile has emerged as the leading worry in recent polls. That adds another layer of complexity for companies already navigating volatile commodity markets, tightening capital, and global decarbonization pressures. With the first round of voting set for November and a likely run-off in December, the race is entering a decisive phase. What’s certain is that the direction Chile takes, toward deeper state control, partial privatization or something in between, will ripple across global supply chains and investment flows.

What started as a suspicion of cheating ended with an arrest for XRP/USD theft. Nancy Jones, widow of country icon George Jones, says her longtime partner, Kirk West, stole more than $17 million in XRP from her Tennessee home. Dang, you never want to see that happen to your XRP. RIP. Reportedly, with doubts about West’s loyalty growing, Jones asked her granddaughter to check on her money, only to find that a Ledger wallet and $400,000 in cash were gone. That wallet held over 5.5 million XRP tokens. West was picked up by police at Nashville International Airport on July 24, just as Franklin police opened their investigation. XRPPriceMarket CapXRP$183.49B24h7d30d1yAll time XRP/USD: Attempted Extortion and Partial Recovery Court documents allege that West later contacted Jones and offered to return only a portion of the stolen funds. “He said he would wire me $5 million and that was all I was going to get,” Jones recounted, per the criminal affidavit. Although Jones was able to recover approximately 5 million XRP, she still suffered a loss of over 483,000 tokens. West now faces charges of felony theft over $250,000, and his bond is set at $1 million. The theft adds a layer of drama to what’s already been a busy week for Ripple Labs. On July 25, Ripple published a new report exploring how stablecoins are shaping global payment infrastructure. The company highlighted how stablecoins are becoming increasingly important in regions with volatile local currencies and limited USD access. “Stablecoins like USDC, USDT, RLUSD, and newer region-specific tokens are being integrated into wallets and payment platforms worldwide,” Ripple wrote. Traditional Finance Embraces XRP Stablecoin Tech The stablecoin invasion by legacy finance is well underway. Visa has now processed more than $225 million in stablecoin payments. Mastercard is pushing out stablecoin-linked debit cards. Worldpay is expanding stablecoin payouts across both the U.S. and Europe. And XRP looks to be one of the coins at the center of this revolution, so make sure to keep those coins safe! “From blockchain-based networks to mobile money aggregators, the financial services ecosystem is evolving fast… Stablecoins and fintech innovators are transforming global transactions.” -Ripple Foundation EXPLORE: XRP Price Jumps 11% After SEC Crypto Unit Tease XRP ETF Progress DISCOVER: Best Meme Coin ICOs to Invest in 2025 Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways What started as a suspicion of cheating ended with an arrest for XRP/USD theft. “Stablecoins like USDC, USDT, RLUSD, and newer region-specific tokens are being integrated into wallets and payment platforms worldwide,” Ripple wrote. The post $17M XRP/USD Heist: Widow of Country Legend George Jones Victimized in Crypto Theft appeared first on 99Bitcoins.

XRP is holding strong above the key $3 level, keeping its bullish breakout intact. With Wave 4 consolidation underway, a push into Wave 5 could propel the price toward $6 and beyond. Wave Structure Confirmed: XRP Completes Wave 3, Wave 4 Consolidation Underway In an X post, Dark Defender recalled an earlier post shared on July 6, where he outlined a weekly wave structure for XRP with an initial target of $3.61. Building on that analysis, he has now presented the daily chart of the same wave structure, offering a closer look at XRP’s ongoing price action within the broader Elliott Wave framework. According to Dark Defender, XRP has already completed Wave 1, Wave 2, and Wave 3 of the current cycle. The price is now in Wave 4, which appears to be a period of consolidation. This consolidation phase is also reflected in the Relative Strength Index (RSI), which signals that the market is taking a breather before the next potential leg higher. Looking ahead, Dark Defender projects the Wave 5 target to be approximately $5.8563, noting that this is not financial advice (NFA). He maintains his initial target of $3.61 while adding $5.85 as a potential high for this next impulsive move. These targets are based on the continuation of the current wave structure, assuming support levels hold. Key support for XRP is identified around $3.07. As long as XRP maintains this support and progresses through Wave 4, the bullish wave setup remains valid, with eyes firmly on a breakout toward the $5.85 mark. The Altcoin Eyes First Ever Monthly Close Above $3 Sonia S., in her latest post on X, pointed out that XRP is poised to achieve a historic milestone by closing the month above $3 for the first time ever. This potential monthly close marks a major bullish development and could signal the start of a new phase in XRP’s long-term price movement. She identified a crucial breakout zone between $1.97 and $3.01, which XRP has successfully cleared. With this breakout confirmed, Sonia highlighted the next key psychological targets at $4.50 and $6.00+ levels that could attract significant attention from both traders and investors. As long as XRP maintains its position above $3 on the monthly chart, Sonia noted that price discovery becomes possible, given the lack of historical resistance beyond this level. However, Sonia also warned that if XRP fails to hold above $3 and closes back below this level, the breakout would be invalidated. Such a move could indicate a false breakout and potentially lead to a pullback, making the $3 level a crucial line for the bulls.

Twenty One Capital, a corporate Bitcoin treasury seeking public listing on the US stock exchange, has announced that they’re increasing their holdings by 5,800 Bitcoins. That puts their overall holdings at ~$5.1B, making them the third largest corporate Bitcoin holder. Currently, only Strategy and Mara Holdings own more Bitcoin at 628,791BTC and 50,000BTC respectively. This is fantastic news if you’re a long-term Bitcoin investor. It proves that Bitcoin is being taken seriously in the corporate world. But Bitcoin is quite pricey now, and in that case, it’s worth taking a look at Bitcoin Hyper ($HYPER), a new crypto presale. The project wants to upgrade the Bitcoin blockchain to modern standards – add dApp and smart contract compatibility, for one. Given the current bullish state of affairs, we believe $HYPER is looking at an explosive future. Why Is Twenty One’s Acquisition Good for Bitcoin? The team behind Twenty One Capital is confident that Bitcoin is the future of digital currency. —Jack Mallers, Twenty One CEO, Twenty One Capital PR As a publicly traded company, Twenty One Capital will trade under the ‘XXI’ ticker. Traders will be able to track its performance with a ‘Bitcoin per Share’ metric provided by Twenty One Capital. And on-chain proof of the company’s Bitcoin holdings is available via xxi.mempool.space, providing full transparency for investors. It’s pretty clear that confidence in Bitcoin is growing by the day. This much institutional adoption signals that it’s not just a speculative asset, but a long-term store of value that can perform better than traditional assets. Case in point, Bitcoin grew by 77% in the last year, from ~$66K to $118K today, reaching an ATH of $123K in July. Some traders are even beginning to think of Bitcoin as the equivalent of digital gold. Bitcoin companies like Twenty One Capital adopting a Bitcoin-heavy portfolio shows that there’s a bright future for Bitcoin, as well as projects that seek to expand the reach or functionality of the Bitcoin network. Projects like Bitcoin Hyper, which plans to upscale the Bitcoin blockchain to modern, 21st century standards. Why Bitcoin Hyper? Bitcoin Hyper ($HYPER) is the solution to woes that have been plaguing the Bitcoin network for over a decade. While Bitcoin is a great store of value, transactions are processed relatively slowly (around 7/second vs Tron’s 2,000/second, for instance) and at greater cost compared to newer blockchains like Solana and Ethereum. Bitcoin Hyper promises to solve all these problems by bridging the Bitcoin blockchain to a Layer 2 solution built on the Solana Virtual Machine, unlocking powerful smart-contract capabilities for Bitcoin-based dApps. Through a Canonical Bridge, you’ll be able to lock in your Bitcoins and receive equivalent wrapped Bitcoin on the L2. You can change back to $BTC whenever you want to. The gist of it is that $HYPER will process transactions on the much faster L2 and execute them on Bitcoin’s L1. This way, you get both speed and security under the hood. The presale has already attracted over $5.8M, signalling confidence in Bitcoin Hyper’s proposed solutions to hyper-charge the Bitcoin Network. With a mainnet launch in Q3 2025, now’s the perfect time to check out the Bitcoin Hyper project. $HYPER holders also receive voting rights for governance proposals, lower transaction fees across the Bitcoin Hyper network, and a lucrative staking opportunity currently valued at 176% APR. The token is currently worth $0.01245 (and we expect it to jump to $0.08625 by the end of 2025), and you can buy it from the official presale page. Summary As more financial institutions turn their eye towards Bitcoin as a hedge against inflation, early adopters get to ride the price higher and higher. It’s no longer about speculation. Holding firms like Strategy, Twenty One Capital, and even Trump Media are leaning into the rock-solid value Bitcoin provides as an asset. That’s why it’s time to get on board and ride the rocketship. While Bitcoin might not have the same explosive potential it had a decade ago, it’s also significantly less risky to bet on a crypto backed by billions of dollars worth of capital funds. However, Bitcoin isn’t a perfect solution—yet. Bitcoin Hyper looks set to fix the outstanding issues with the Bitcoin Network and pump while doing so. Remember to do your own research and never invest more than you can afford to lose. Presales are very volatile, and price movements can appear suddenly. Take care!

Ethereum has entered a volatile and decisive phase following weeks of strong buying pressure and rapid price appreciation. After pushing above $3,800, ETH is now facing resistance, with bulls stepping in to defend key lower demand zones. The market appears uncertain, caught between a potential continuation toward new highs and the risk of a broader cooldown. Adding to the momentum, new data from Arkham reveals that BlackRock purchased over four times more Ethereum than Bitcoin last week. This shift marks a significant moment for institutional involvement in Ethereum and signals growing confidence in its long-term potential. Analysts across the industry are beginning to take note, interpreting the move as a signal that Ethereum may be gaining favor among traditional finance giants. As Bitcoin consolidates near all-time highs, Ethereum now stands at a crossroads. Will it continue climbing and close the gap, or will rejection above $3,800 mark the beginning of a local top? BlackRock’s Ethereum Allocation Signals Growing Institutional Shift Arkham data has revealed a significant development in institutional crypto allocation: BlackRock purchased over $1.2 billion worth of Ethereum last week, compared to just $267 million in Bitcoin. This 4.5x disparity signals a decisive shift in institutional strategy, with capital now flowing more aggressively into ETH than BTC. For many in the market, this is what true institutional Ethereum adoption looks like—massive inflows that reshape market dynamics. This shift didn’t start overnight. Institutional interest in Ethereum began building back in April, when ETH hit a cycle low near $1,380. Since then, a combination of legal clarity, progress around ETF approval, and Ethereum’s maturing role in the financial ecosystem has fueled a steady wave of accumulation from large players. BlackRock’s latest allocation is simply the most visible and significant confirmation of that trend. As the broader crypto market heats up, Ethereum appears well-positioned to continue its upward trajectory. However, not everything is straightforward. ETH is now struggling to break through resistance around the $3,800 level, and the failure to reclaim new highs is beginning to stir uncertainty. Some analysts warn that the current rally may lose steam without a breakout, and fear of a short-term correction is growing. ETH Faces Key Resistance After Parabolic Rally Ethereum has staged an impressive rally over the past few weeks, surging from sub-$2,000 levels to a current price of $3,782.61. The weekly chart shows a strong bullish breakout from the $2,852.16 resistance zone, with ETH now approaching a critical barrier near $3,860.80. Price briefly reached a high of $3,941.86 before pulling back, signaling potential short-term exhaustion after an aggressive upside move. Volume has increased significantly during this breakout, confirming strong buying interest. The 50, 100, and 200-week SMAs—all converging around $2,700–$2,850—now serve as key support, reinforcing the strength of the breakout. As long as ETH remains above the $2,850 level, the broader structure remains bullish. However, the current pause below $3,860 suggests indecision as bulls encounter historical resistance. A clean weekly close above this level could open the door to a continuation toward $4,200–$4,400. On the downside, a rejection followed by a drop below $3,500 may trigger a short-term correction as traders secure profits. Featured image from Dall-E, chart from TradingView

Strategy (previously MicroStrategy) just raised another monstrous $2.52 billion through its “Stretch” IPO to stack another 21,021 BTC. That’s now a total of 628,791 BTC sitting on its corporate books. The STRC preferred shares start trading on Nasdaq today, and it’s the biggest U.S. IPO of 2025. Monthly 9% diidents, BTC ▼-0.73% accumulation, and Michael Saylor is still going max leverage. This might just redefine how corporate treasury is done. BitcoinPriceMarket CapBTC$2.35T24h7d30d1yAll time Strategy Monster Play and BTC is the Endgame Let’s not sugarcoat this, Strategy just pulled a monster move. The “Stretch” IPO was originally pegged for $500 million but exploded in demand, closing out at $2.52 billion raised from 28,011,111 shares at $90 a piece. After fees, they walked away with $2.474 billion in cold, hard cash. And Strategy simply dragged to the max the indicator and clicked the buy button for all that money, and acquired 21,021 BTC. The average price of execution is $117,256 per coin. And this looks more and more like a full pivot into a Bitcoin-first business model. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 Many critics are screaming “overexposure”, but they’ve been doing that since BTC was under $20k. Looks like Michael Saylor isn’t here to diversify. He is here to concentrate and dominate. Saylor’s even said STRC was designed to offer a “stable” income stream to investors while still letting the company go full degen on BTC. DISCOVER: 20+ Next Crypto to Explode in 2025 Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways Michael Saylor announced another Bitcoin buy for $2.46 billion. It is one of the biggest BTC stacks, so no diversification is needed. The post Strategy Fuels Bitcoin Treasury with $2.5B “Stretch” IPO, Adds 21,021 BTC appeared first on 99Bitcoins.

Overview: Ahead of an important North American session, the US dollar has a slightly softer tone in narrow ranges against the G10 currencies. The Canadian and Australian dollars are laggards, with small losses. The yen and sterling are the strongest with around 0.2-0.3% gains. The North American session features the Bank of Canada and FOMC meetings, the US and Mexico Q2 GDP, and the ADP announces its estimate of US private sector jobs estimate. Emerging market currencies are mixed, most Asia Pacific currencies are lower, while central European currencies are firmer. The Mexican peso is among the strongest, though that honor goes to the South Korean won, which is up about 0.55%. There are reports that suggest that the US is demanding the won appreciate as part of the trade talks. On the other hand, the Indian rupee fell to a four-month low after President Trump said the tariff on India may be 20-25%. As widely expected, the Monetary Authority of Singapore left policy unchanged today. There seemed to be little impact in the equity market from the powerful earthquake (strongest since 2011) in the Northern Atlantic. Outside of China and Hong Kong, most markets in the region advanced, with a 1.1% rally in Taiwan, despite the setback this week of the government's domestic and foreign policy. Europe's Stoxx 600 is slightly firmer. Even German and Italian equities are firmer despite the 0.1% contractions reported for Q2 GDP. US index futures are firm. Asia Pacific bonds played a little catch up after the nearly nine-basis point decline in the US 10-year yesterday. The Treasury yield is slightly firmer today, near 4.33%. European benchmark yields are mostly a basis point lower though the 10-year Gilts yield is nearly four basis points lower near 4.59%. Gold is trading quietly (`$3322-$3334) in the upper part of yesterday’s range. September WTI rallied to almost $70 yesterday, helped by US secondary tariff threats on Russia. It has held slightly below yesterday's high and was pushed back below $69 in Europe. USD: At yesterday's high near 99.15, the Dollar Index has risen about 2.1% since last Thursday's low near 97.10. It flirted with the upper Bollinger Band for the first time in more than two months. It is consolidating in a narrow range (~98.70-98.90). Given today's agenda, the range is unlikely to hold. A break of 98.35 would boost the chances that a high is in place. On the upside a move above 99.20 could spur gains toward 99.80. There are three highlights today. First is the ADP private sector jobs estimate. In June, it surprised the market with a 33k fall, the first loss of jobs it reported since July 2020. Recall that BLS reports a 74k increase. The median in Bloomberg's survey sees a 75k rise the ADP estimate, while the median projection is the BLS data will be for a 100k increase. Shortly after the ADP report, the US reports its first estimate of Q2 GDP. The median forecast in Bloomberg's survey is for a 2.5% expansion and a sharp fall in the quarterly deflators. The Atlanta Fed's GDP tracker is for 2.4% GDP. The underlying measure of growth that excludes trade, inventories, and government, rose at a revised 1.9% annualized rate in Q1. Last, but not least, is the FOMC meeting. No change in policy is expected. There is some speculation that Governor Waller may dissent in favor of a cut, though he has not spoken since the sixth consecutive decline in weekly jobless claims was reported. Still, one dissent, which has been partly telegraphed, is notable, two (Bowman?) would likely boost the perceived changes of a September cut (~66%). A key source of uncertainty for Fed officials has been the tariffs, and even if there is some dispute about what the EU and Japan agreed, deals now, assuming a 90-day extension of the tariff truce with China, cover about 2/3 of US trade and provide a bit more certainty. Note that tomorrow, the US Federal Court of Appeals will hear arguments in the case that found the "emergency tariffs" were an overreach. There apparently is a discount market for the tariff rebates that could result, and some reports have suggested Cantor, (the firm that Commerce Secretary Lutnick used to run and now his son is chairman) has been an active buyer. EURO: The euro recorded yesterday's low in early North American turnover slightly below $1.1520. It had reached a high on Monday, in the initial response to the trade deal, near $1.1780. Although it stabilized, it was unable to get much above $1.1560 in North America and settled below Monday's low (~$1.1585) and the previous low for the month (~$1.1555). Trading is subdued ahead of the North American session. The euro is firm in a $1.1540-70 range. The eurozone eked out 0.1% growth in Q2, slightly better than expected but still slower than the 0.6% expansion in Q1. Don't blame Spain. As we learned yesterday, growth accelerated slightly in Spain (0.7% vs. 0.65%). Germany reported its economy contracted by 0.1% in Q2 after 0.4% growth in Q1. France expanded by 0.3% in Q2 after 0.1% in Q1. It was helped by a 0.6% rise in consumer spending in June (the median forecast in Bloomberg's survey was for a 0.3% decline). For its part, Italy's economy, like Germany's contracted by 0.1% growing 0.3% in Q1. Attention turns to inflation. Spain reported a 0.4% decline in the EU harmonized measure, but the base effect (-0.7% in July 2024) means that the year-over-year rose to 2.6% from 2.3%. Germany, France, and Italy report July CPI tomorrow ahead of the aggregate estimate on Friday. It is seen flat at 2.3%. CNY: The dollar traded in a narrow range against the offshore yuan yesterday (~CNH7.1770-CNH7.1850). On a day when the greenback was firm against nearly all currencies, the yuan's resilience is notable, not because it rose sharply, but because officials had the cover if desired to weaken the yuan and they did not. The dollar has already traded on both sides of yesterday's range and reached an eight-day high near CNH7.1880. That said after fixing the dollar higher for the past three sessions, the PBOC set the reference rate lower today (CNY7.1441 vs. CNY7.1511 yesterday). The magnitude of the change is notable. It sounds small at 0.1% but is the largest change in the fix in two months. China reports its July PMI first thing tomorrow. It is expected to be little changed from June what the manufacturing PMI was a little below the 50 boom/bust and the services PMI was slightly above. The composite PMI was at 50.7. Although many observers assume that the Chinese leaders who do not have to stand for popular elections are unresponsive the needs of the people, there has been a shift by the central government toward social welfare broad conceived. Expenditure on social security, education, and employment rose to almost CNY5.7 trillion (~$795 bln) in H1 25, which is up nearly 6.5% from a year ago. The new initiative for CNY3600 per child under the age of three may not spur more children as the issue is more complicated but could boost spending. Infrastructure spending (e.g., environmental protection, irrigation, and transportation) was off 4.5% year-over-year. JPY: Despite the largest decline in the US 10-year yield since mid-May (~7.5 bp), the dollar was little changed against the yen. Still, the yen was the strongest of the G10 currencies. The dollar reached JPY148.80 in the North American morning. In its consolidation in the remainder of the session, the greenback held above JPY148.30. Almost $885 mln of options struck at JPY149 expire today. The decline in US rates and ideas that the tsunami could spur repatriation have lifted the yen today. The greenback has been sold to JPY147.80. A break of JPY147.65 could spur losses toward JPY147.20-35. Japan will report June retail sales and industrial production figures tomorrow. While retail sales are likely to recover from May's 0.6% decline, industrial output is seen falling for the third consecutive month. and the fourth month in H1. The Ministry of Finance will also report weekly portfolio flows for the week ending July 25. At stake is a six-week buying spree by Japanese investors of foreign bonds, while foreign investors have been next buyers of Japanese equities for the past four weeks. The BOJ meeting concludes Thursday, and there is practically no chance of a change in policy. Still, investors will try to tease out the policy implications of the updated forecasts. GBP: Sterling was turned back from its approach of $1.36 last Wednesday and Thursday and fell to almost $1.33 yesterday before finding solid bids. It was the first session in four that sterling did not settle on or near its lows. Indeed, it made new session near session highs (~$1.3365). A possible bullish hammer candlestick was formed. Still, sterling settled, like the euro, below Monday's low (~$1.3350). Follow-through buying today has lifted it to almost $1.3380. A move above $1.3400 would help stabilize the tone, and a move above $1.3450 would be a preliminary sign a low may be in place. Still, if a head and shoulders topping pattern has been formed, it is not unusual to retest the neckline (~$1.3365). CAD: The US dollar made a new high for the month in the North American morning yesterday, slightly below CAD1.3790 and in front of the resistance we identified around CAD1.38 and frayed the upper Bollinger Band (~CAD1.3785 yesterday and CAD1.3795 today). It has not traded above CAD1.38 since the end of May. Recall that it bottomed last Wednesday near CAD1.3575. The greenback eased in the NY afternoon to around CAD1.3760 and settled slightly below the previous high for the month (~CAD1.3775). The greenback remains firm in the CAD1.3760-CAD1.3780 range. The Bank of Canada's rate decision will be announced at 9:45 am ET today. There is little doubt that it will remain on hold and its target rate at 2.75%. Going into the decision, the swaps market has slightly less than a 1-in-4 chance of a cut at the next meeting (September 17). On Thursday, Canada's May GDP is due. Economists anticipated the second consecutive contraction (-0.1% in April). The monthly estimates do not translate easily into the quarterly GDP figures. In Q1, the sum of monthly GDP estimates was 0.4%, while Q1 GDP was 2.2% annualized. The median forecast in Bloomberg's survey is for the economy to have contracted by 0.5% in Q2 (annualized) before stagnating (0.1% annualized growth) in Q3. AUD: Yesterday's low in the Australian dollar was recorded in the North American session near $0.6495. It stabilized but could not rise above $0.6520 and settled below Monday's low (~$0.6515). It reached nearly $0.6530 today before sellers pushed it back toward yesterday's lows. There are A$1 bln option at $0.6550 that expire today, which seemed more relevant yesterday. This month's low was set on July 17, near $0.6455 and this is the risk on a break of $0.6490. The decline in Q2 inflation, a little more than expected, gives the market no reason to second-guess its strong view of a rate cut by the Reserve Bank of Australia at is August 12 meeting and at least one more cut in Q4. The 0.7% rise in Q2 CPI allowed the year-over-year rate to slow to 2.1% from 2.4%. The trimmed mean and weighted median measures slowed to 0.6%, r and the year-over-year rates moderated to 2.7% from 2.9%-3.0%. MXN: The dollar set session highs yesterday in North American near MXN18.6365, a whisker above the high set in Europe earlier in the session. Sellers greeted the dollar and pushed it to session lows around MXN18.7270. It spent the waning hours of the session around MXN18.75. The dollar is trading with a heavier bias today and is probing the MXN18.70 area. In initial support is near MXN18.6350. Mexico reports Q2 GDP today. After growing by 0.2% in Q1, the economy is expected to have grown by 0.4% in Q2, according to the median forecast in Bloomberg's survey. However, it would not prevent the year-over-year pace from contracting (albeit slightly: -0.1%) for the first time since Q1 21. Consumption may have contracted for the second consecutive quarter and capex for a third quarter. Government spending is also seen to have begun a multi-quarter decline. Brazil's central bank meets. It has been hiking rates since last September when the Selic rate was at 10.50%. It now stands at 15% and likely marks the high-water level. The swaps market is pricing in the first cut for late Q1 26. For nearly four weeks, the dollar has chopped in a mostly BRL5.50-BRL5.60 range. The upper end has been frayed on an intraday basis, but the greenback has not closed outside of that range since July 8. Disclaimer

According to recent reports, XRP slid about 15% after peaking at $3.66 on July 18, wiping out roughly $2.4 billion in open futures positions. That sharp drop has traders debating whether to hunker down or scoop up XRP near the $2.60 mark. Rally Driven By Big Bets XRP’s surge from $2.17 on July 1 to $3.66 by July 18 was powered by a surge in open interest that peaked at $11.2 billion in dollar terms. That means a lot of traders had large positions riding the upswing. Since then, open interest has fallen to $8.8 billion, a 20% drop in US dollar value. In XRP units, contracts fell 10% to 2.80 billion. Liquidations of roughly $325 million over the two weeks ending July 25 show some of those big bets were wiped out. Futures Traders Hold Steady Annualized futures premiums for monthly XRP contracts have stayed in a 6% to 8% range. That suggests traders aren’t panicking even after the price dipped below $3. Short‑term swings didn’t spark a rush into bullish bets when XRP briefly rose past $3.60, slowing the risk of more forced exits. The calm premium levels hint that professional players remain cautious but not overly concerned. Growing chatter about a US spot ETF for XRP has added to the mix. Ether products crossed $18 billion in assets under management, so some expect a similar boost if a spot‑XRP ETF wins approval. But approvals can take many months, and nothing is certain. Rumors about banks or a tie‑up with SWIFT have popped up online without proof. Traders know that hype only lasts so long when there’s no real deal. On‑Ledger Activity Trails Peers DeFi use on the XRP Ledger is still small. According to RWA.xyz data, just $134 million of tokenized assets sit on the network, compared with $190 million on Avalanche. Decentralized exchange volume barely makes the top 50 chains. DefiLlama shows Sui recorded $13 billion in 30‑day DEX trading, and Sei handled $1.43 billion. Those gaps show that XRP’s on‑chain tools haven’t drawn the same crowd as rival networks. Looking ahead, clear growth in real‑world use could help XRP break out of its current $3.00–$3.15 range. For now, traders are watching both price action and on‑chain metrics. It may take fresh catalysts beyond ETF hopes to drive sustained gains. Until then, the market could stay choppy and reactive to any big swings in open interest. Featured image from Meta, chart from TradingView