The US dollar fell briefly against the Japanese yen, touching 161.13.
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The US dollar index fell 0.52% to close at 100.861.
According to ChainCatcher, citing Jinshi, the US dollar index, which measures the dollar against six major currencies, fell 0.52% on July 3, closing at 100.861 in late trading. One euro was worth 1.1433 US dollars, up from 1.138 US dollars the previous trading day; one pound sterling was worth 1.3348 US dollars, up from 1.3278 US dollars the previous trading day; one US dollar was worth 161.05 Japanese yen, down from 162.53 Japanese yen the previous trading day; one US dollar was worth 0.8035 Swiss francs, down from 0.8092 Swiss francs the previous trading day; one US dollar was worth 1.4182 Canadian dollars, down from 1.4216 Canadian dollars the previous trading day; and one US dollar was worth 9.6679 Swedish krona, down from 9.73 Swedish krona the previous trading day.
The US unemployment rate unexpectedly fell to a one-year low in June, causing the dollar index to decline briefly and spot gold to surge.
According to Odaily data, the US unemployment rate fell to 4.2% in June, the lowest level since June 2025, lower than the market expectation of 4.3%. The US dollar index (DXY) fell 30 points to 100.85. Spot gold surged, reaching $4120 per ounce, up 2.20% on the day. The yield on the 10-year US Treasury note fell 1.76 basis points to 4.457%.
Market divergence in views on the yen's outlook has intensified, with a former Japanese finance official stating that a reasonable exchange rate should be around 130.
According to BlockBeats, on July 6th, as the USD/JPY exchange rate returned to around 162, market opinions on the yen's future trajectory became clearly divided. Tatsuo Yamasaki, former Vice Minister of Finance for International Affairs at the Ministry of Finance of Japan, stated that the current yen exchange rate has significantly deviated from a reasonable level, and a level around 130 yen to the dollar would be more in line with fundamentals. He added that he "would not be surprised" if the yen rose to that level. Meanwhile, some market participants held the opposite view. Jesper Koll, Executive Director of Monex Group, and Calvin Yeoh, an analyst at Blue Edge Advisors, believe that if the Bank of Japan continues to lag behind in the normalization of monetary policy, the USD/JPY exchange rate could even rise to 200 or higher. Yamasaki also warned that the Japanese government's recent lack of intervention in the foreign exchange market should not be interpreted as a lack of willingness to act. He stated that the Japanese Ministry of Finance has issued multiple warnings and demonstrated its willingness to intervene, and yen short positions still face the risk of being forced to close out. Market participants expect the Japanese government may still intervene in the exchange rate in mid-July.
Gold and silver prices generally fell, while cryptocurrency volatility decreased, with the BVIX down 2.26% on the day.
According to the latest data from Odaily, gold prices fell to $4,143.57 per ounce, a daily drop of 0.97%. Silver prices fell to $61.693 per ounce, a daily drop of 1.24%. The BVIX (BTC Volatility Index) is currently priced at 39.85, down 2.26% on the day. The EVIX (ETH Volatility Index) is currently priced at 54.47, up 2.18% on the day. In the foreign exchange market, the US dollar rose 0.26% against the offshore yuan (USD/CNH) during the day, with the current exchange rate at 6.79888. The US dollar rose 0.7% against the Japanese yen (USD/JPY) during the day, with the current exchange rate at 162.358. In terms of global stock indices, the Euro Stoxx 50 index fell 0.37% to 6379.2 points; the UK FTSE 100 index rose 0.01% to 10659.2 points; and the German DAX 40 index fell 0.44% to 25729.5 points. In commodities, WTI crude oil rose 0.41% to $69.25 per barrel. Brent crude oil rose 0.93% to $72.47 per barrel. Gate allows users to trade traditional financial market products directly within the platform, providing a one-stop solution for various asset classes including precious metals, forex, global equity CFDs, major indices, and commodities, achieving deep integration between crypto assets and traditional financial assets. Gate TradFi functionality is fully integrated into the Gate App and Web platform, allowing users to conveniently participate in global asset price trading without switching platforms, unlocking more strategies and opportunities beyond the crypto market, and continuously enhancing their diversified asset allocation experience.
As oil prices fell, US Treasury yields fluctuated and the dollar strengthened.
According to Odaily data, the US dollar index is currently up 0.2%. The 10-year US Treasury yield is at 4.459%, higher than the closing price of 4.447% last Thursday. The 2-year US Treasury yield fell from 4.130% to 4.108%. As US markets reopened after the holidays, a Middle East peace agreement remained elusive, and last week's labor market data disappointed, US Treasury yields fluctuated, while the dollar rose slightly. Meanwhile, OPEC+ agreed to increase production, causing oil prices to fall. The Federal Reserve meeting minutes will be released on Wednesday, making this week relatively quiet in terms of data.
The dollar is on track for its biggest weekly drop since April, as expectations for interest rate cuts rise.
According to ChainCatcher, citing Jinshi, the US dollar weakened significantly this week, and is expected to post its biggest weekly drop since April. This was due to a noticeably weaker-than-expected US June jobs data, leading the market to lower its expectations for a near-term Federal Reserve rate hike. The dollar index fell by about 0.5% this week. Against this backdrop, the euro rose to $1.144, a weekly gain of about 0.5%; the pound rose to $1.3352, a weekly gain of about 1.1%. The yen rebounded from near a 40-year low, with the dollar/yen pair briefly falling back to around 161. Analysts pointed out that the dollar's performance is clearly influenced by jobs data and interest rate expectations; if subsequent economic data continues to weaken, the dollar may face further pressure.