The dollar is on track for its biggest weekly drop since April, as expectations for interest rate cuts rise.
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Meta rose 7.9%, marking its biggest gain since April 8.
PANews reported on July 1 that Meta Platforms (META.O) rose 7.9%, marking its biggest gain since April 8.
A stronger dollar caused aluminum prices to fall to their lowest level since February, with a cumulative drop of 16% in June.
According to Mars Finance, citing Jinshi News, industrial metals are under pressure due to the continued strengthening of the US dollar, with aluminum prices falling to their lowest level since mid-February. After a cumulative decline of 16% in June (the largest monthly drop since 2008), the downward trend in aluminum prices has continued. The US dollar index rose for the second consecutive day, accumulating a 2.5% increase over the past two months, making dollar-denominated commodities more expensive for most buyers.
Bitcoin bullish sentiment was supported by a decline in inflation expectations, with the market focusing on the July CPI data.
According to Mars Finance, the cryptocurrency market continued its stabilizing trend, with Bitcoin rising nearly 7% in the week ending July 5th, marking its strongest weekly performance since March. This surge was primarily driven by declining inflation expectations. The break-even inflation rate, a measure of market inflation expectations, has recently declined significantly, with the two-year indicator falling below 2%, approaching the Federal Reserve's inflation target level, and long-term inflation expectations also weakening. Simultaneously, WTI crude oil prices have fallen in tandem with inflation expectations, dropping to levels similar to those before the geopolitical conflict in February, prompting the market to reassess inflationary pressures, interest rate cut expectations, and the dollar's trajectory. Some analysts believe that a weaker dollar index (DXY) will further reduce resistance to Bitcoin's rise, as the two typically have a negative correlation. However, others caution that service sector inflation remains sticky, and declining oil prices do not necessarily indicate a reversal in the overall inflation trend; monetary policy may continue to maintain a "higher and longer" stance. The next key market juncture is the US June CPI data on July 14th, which could be a crucial catalyst for determining the inflation path and the direction of risk assets.
Bitcoin ETFs Just Had Their Biggest Day Since May—BlackRock Took 83% of It
U.S. spot Bitcoin ETFs pulled in $606 million Thursday, the biggest haul since May. And altcoin funds finally showed up too.
India's Sensex index is expected to record its biggest one-day drop in two months.
According to Mars Finance, citing Jinshi, India's Sensex index is expected to experience its biggest single-day drop in two months.
Traders' sentiment toward dollar positioning has risen to its most optimistic level since 2015.
According to ChainCatcher, citing Jinshi, the U.S. Commodity Futures Trading Commission (CFTC) stated that traders' overall positioning sentiment towards the U.S. dollar has risen to its most optimistic level since 2015.