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US Oil Surges Over 20% in 15 Days as Iran War Resumes, Brent Nears $90
US oil prices have jumped more than 20% in the past 15 days as renewed hostilities with Iran drive crude higher, with Brent approaching the $90 per barrel threshold.
Crypto Roundup: US Bitcoin Reserve Stalled, Visa Stablecoins, and AI Developments
A roundup of crypto news includes the stalled US Bitcoin reserve, JPMorgan's view on Strategy holdings, a leak of Suno data sources, a new Bitcoin client opposing BIP-110, quantum protection proposals, Visa's stablecoin platform for banks, Eric Trump-backed AI robotics, corporate AI security gaps, and Moonshot AI's open-source model Kimi K3.
Euro Steadies as Oil Tensions Impact Rate Expectations
EUR/USD traded flat on Friday as markets reassess the inflationary impact of surging oil prices amid escalating Middle East tensions that have disrupted energy supplies.
US Sends Refueling Planes to Israel Ahead of Potential Iran Offensive
The Trump administration has reportedly sent dozens of refueling aircraft to Israel as preparations for a massive offensive against Iran advance, pushing Brent oil toward $88 per barrel.
ECB Warns Stablecoin Growth May Drain Bank Deposits, Pushes Digital Euro
The European Central Bank warned that rising stablecoin usage could lead to retail deposit outflows from banks, as executive board member Piero Cipollone noted banks are already losing fees and payment data. The ECB sees the digital euro as a solution to preserve banks' role and reduce reliance on foreign systems.
British Pound Slips as Oil Spike Revives Inflation Fears
The British Pound fell 0.22% against the US Dollar during the North American session, as a jump in oil prices amid geopolitical tensions rekindled inflation concerns. GBP/USD traded at 1.3449 after hitting a session high.
WTI Oil Rallies Above $81 Amid Middle East Tensions
West Texas Intermediate (WTI) crude oil surpassed $81 per barrel, gaining 2.76% on the day, as escalating geopolitical tensions in the Middle East threaten global oil supplies. The commodity is on track for a weekly gain of over 13%.
US Margin Debt Hits Record $1.5 Trillion in June, Third Monthly Increase
US margin debt rose $86.5 billion to a record $1.5 trillion in June, marking the third consecutive monthly increase. Broader investor leverage reached ~1.4% of S&P 500 market cap, near all-time highs.
AUD/USD Recovers to 0.6980 as Mixed US Data Pressures Dollar
The Australian Dollar rebounded to near 0.6980 on Friday, erasing earlier losses as a mixed batch of US economic data weighed on the US Dollar.
GBP/USD Retreats from Year High as Burnham Policy Optimism Fades
GBP/USD declined from its one-year high as optimism over incoming Prime Minister Burnham's market-friendly policies faded, according to Scotiabank analysts.
USD/JPY Holds Near Four-Decade Highs as Yen Struggles on Oil, Rate Gap
USD/JPY traded flat on Friday, holding near four-decade highs, as the Japanese Yen continued to face headwinds from higher oil prices, Japan's wide interest-rate differential with major economies, and a resilient US Dollar.
Russia Revises Crypto Transfer Blocking Mechanism, Removes Public Violator Lists
The Russian State Duma's financial market committee has removed public lists of violators from a bill on blocking transfers linked to illegal crypto turnover, replacing them with the concept of 'unauthorized recipient'. Each bank will define the criteria in internal rules, and the bill is scheduled for second reading on July 21.
Scott Melker Dismisses Strategy Liquidation and Coinbase Collapse Fears, Suggests Bitcoin Bottom
Crypto trader Scott Melker called the Strategy liquidation and Coinbase collapse narratives '99% stupid' and said panic may signal a Bitcoin bottom.
RBC Sees Canada June CPI Slowing to 2.8% on Lower Energy
RBC economists forecast Canada's June headline CPI will ease to 2.8% year-over-year from 3.2% in May, driven mainly by lower energy prices, with implications for Bank of Canada policy.
Japanese Retail Traders Boost Net Dollar Shorts to Record $17.2B
Japanese retail investors increased net short positions against the US dollar to $17.2 billion, a record high since 2008, quadrupling month-over-month amid expectations of continued yen-supportive intervention by authorities.
Scotiabank: Risk Aversion Supports USD but DXY Faces Downside Risks
Scotiabank analysts note the US Dollar is broadly firmer on risk aversion, but warn of downside risks for the DXY index.
EUR/USD Stuck Near 1.1450 as ECB Outlook Weighs on Euro
The EUR/USD pair ended the week little changed around 1.1450, with mounting Middle East tensions offsetting any ECB-driven relief. The outlook suggests the euro may struggle to gain momentum as the ECB decision fails to provide a boost.
Gold Faces Bearish Pressure as Middle East Tensions Counter USD Weakness
Gold prices are struggling to gain despite a weaker US dollar, as escalating Middle East tensions create bearish pressure on the precious metal.
Commerzbank Warns of Rising Oil Risk as Iran Threatens Bab al-Mandab Strait
Commerzbank's commodity team highlights renewed geopolitical risks for oil after Iran again threatens to block the Bab al-Mandab strait, a key transit route for Saudi exports.
Swiss Franc Holds Gains Against US Dollar as Middle East Tensions Outweigh Upbeat US Data
USD/CHF trades near 0.8070, down 0.22% on the day, as safe-haven demand for the Swiss Franc offsets support for the US Dollar from stronger-than-expected consumer sentiment.
Ordinals Developer Launches Bitcoin Client DOG Mode, Bypassing BIP-110 Restrictions
An Ordinals developer released a Bitcoin client called DOG Mode that removes Core's limits on transaction size and minimum output, easing the inscription of Ordinals and Runes. The change affects peer-to-peer relay rules, not consensus, and only requires one miner to include such transactions in a block.
Wells Fargo Lifts Global GDP Forecast, Cuts CPI View on Lower Oil
Wells Fargo Economics revised its global GDP growth forecast upward to 2.7% for 2026 while lowering its global CPI estimate to 4.3%, citing a slightly lower oil price outlook.
Fed’s Hammack: Persistent Inflation Remains Key Concern
Cleveland Fed President Beth Hammack stated that persistently high inflation is a bigger worry, noting broad-based price pressures and consumer distress.
EUR/USD Modest Pullback Before ECB Decision
EUR/USD is trading slightly lower in quiet conditions as markets look ahead to next week's ECB meeting, with policymakers in a blackout period and implied volatility subdued, according to Scotiabank.