Last week, the non-farm payrolls report cooled significantly, and bets on a Fed rate hike receded. Warsh refused to give away any spoilers! Samsung and SK Hynix increased their investments. Meta's proposed sale of computing power scared the market! Major short sellers continued to short AI. Will US-Iran negotiations resume on July 18th?

The US June non-farm payrolls report released last Thursday was weak, with not only the number of new jobs significantly lower than market expectations, but also downward revisions to the growth rates of the previous two months. These signs of a cooling job market prompted traders to drastically reduce their bets on a near-term Fed rate hike. According to real-time data from the CME Group's FedWatch tool, the market believes the probability of a Fed rate hike at the September meeting has fallen to around 45%.

A short-term recovery in Straits shipping led to a pullback in oil prices, but this does not indicate that the oil market has entered a period of oversupply. The slow recovery of Gulf oil-producing capacity, coupled with rigid constraints on shipping insurance and capacity, structural weaknesses in US crude oil categories, and repeated geopolitical disturbances in the Middle East, mean that medium- to long-term oil supply pressures remain. The market should not be overly bearish on oil prices based solely on short-term shipping data; it needs to continuously monitor the scale of tanker inbound shipments and the progress of crude oil production recovery in various countries.

Last Week's Market Performance Review:

Last week, the US stock market showed significant divergence. The Dow Jones Industrial Average hit a record high after a weak non-farm payroll report, with investors betting that the Federal Reserve would pause interest rate hikes in the short term; however, the Nasdaq Composite Index fell under pressure due to renewed weakness in semiconductor stocks, indicating that AI and technology stocks are undergoing a repricing process. The Dow rose 594.83 points, or 1.14%, to close at 52,900.07, a record closing high; it briefly touched 52,903.85 during the session, also a new intraday record. The S&P 500 rose slightly by less than 1 point to close at 7,483.24. The Nasdaq Composite Index fell 0.8% to close at 25,832.67.

Last week, spot gold prices surged over 2% to $4,120, as the much weaker-than-expected US June non-farm payroll report dampened expectations for a Federal Reserve rate hike this year, consequently supporting non-interest-bearing gold. Notably, influenced by Fed Chairman Warsh's speech and the US non-farm payroll report, the probability of a Fed rate hike in September has fallen significantly compared to earlier this week, currently standing at around 50%.

Silver prices rose above $62 per ounce last week, reaching their highest level since June 23, and are expected to rise nearly 6% this week. Due to weaker-than-expected US employment data, market expectations for a near-term Fed rate hike have weakened. Lower interest rates reduce the opportunity cost of holding non-yielding assets such as silver. The dollar also weakened, and is expected to post its biggest weekly drop since April, further driving up precious metal prices.

The dollar index fell 0.48% last week, closing at 100.87, marking its biggest weekly drop since early April and its worst weekly performance in 12 weeks. The core catalyst for this move was the weak US June non-farm payrolls report released on Thursday, which not only showed a significant drop in job growth compared to market expectations, but also revised downwards for the growth rates of the previous two months.

The euro/dollar strengthened around 1.1440, likely continuing to be driven by the contrast between weak US labor market data and the European Central Bank's cautious stance. Trade and industrial data from Germany and France will also be closely watched to see if the economic recovery can be sustained. The dollar/yen pair is currently trading around 161.40 after hitting a 40-year high of 162.84 earlier this week. If the dollar continues to strengthen, the yen may face pressure, but weak US data and market expectations of a less aggressive tightening path from the Federal Reserve could limit the pair's upside. If the dollar/yen remains at multi-year highs, intervention risk may continue to be a focus.

The pound/dollar pair rose sharply by over 1% last week, trading around 1.3350, and is expected to continue to be sensitive to the overall dollar movement. The pair could find support if the FOMC meeting minutes express concerns about the labor market. The Australian dollar is trading around 0.6940 against the US dollar, focusing on China-related market sentiment and the overall trend of the US dollar. The Australian dollar has recently benefited from stronger Australian Purchasing Managers' Index (PMI) data and resilience in Chinese service sector activity.

WTI crude oil prices traded around US$68.80 per barrel last week. Oil prices will continue to be sensitive to supply expectations, geopolitical risks, and the upcoming OPEC+ meeting. Recent price declines to pre-war levels have eased some inflation concerns, but any changes in supply guidance could quickly trigger volatility in the energy market.

Bitcoin approached US$62,000 on Friday (July 3rd) as short-selling traders faced pressure, propelling the market to its first truly strong week since mid-June. Meanwhile, Ethereum and Solana led the crypto market gains. CoinDesk data shows Bitcoin trading around US$61,360, up 2.5% over the past seven days.

The yield on the 10-year US Treasury note fell about 2 basis points on Thursday to 4.46%, as a weaker-than-expected jobs report prompted investors to reduce their bets on a Federal Reserve rate hike this year. In addition, Federal Reserve Chairman Kevin Warsh stated at the European Central Bank Forum this week that inflation expectations have eased over the past month, suggesting there is no urgent need for an interest rate hike. The US bond market will be closed on Friday for the Independence Day holiday.

Market Outlook for This Week:

This week (July 6-10), from OPEC+ oil policy statements and key US and Chinese inflation data to speeches by Fed officials, global liquidity, interest rate decisions, and gold inventory signals, every major event will disrupt the stock, currency, oil, and gold markets. Investors need to closely monitor data discrepancies and policy signal shifts, and proactively plan for potential market risks and opportunities.

At the beginning of the week, the seven OPEC+ oil-producing countries completed their monthly oil policy meeting last Sunday, and the market can directly verify the final decision.

Regarding monetary policy, New Zealand announced its official interest rate decision, maintaining its long-term interest rate at 2.25%. The market widely expects a 25 basis point rate hike. A monetary policy press conference will be held after the decision to release signals on the future interest rate path.

Risk Warning:

Data Expectations and Policy Variables Require Close Attention

In addition to core economic data and policy events, investors should be wary of three potential risks:

First, global inflation and employment data may fall short of or exceed expectations, easily triggering rapid market rebalancing and causing short-term volatility in the stock and currency markets.

Second, the minutes of the Federal Reserve and the European Central Bank meetings and speeches by officials may carry the risk of policy shifts, potentially revising market expectations for interest rate hikes or cuts and disrupting global asset pricing.

Third, sudden changes in the supply and demand of crude oil and the structure of gold fund holdings can directly lead to significant fluctuations in commodity prices, which will then be transmitted to related sectors and market sentiment.

This Week's Conclusion:

As investors return from the US Independence Day holiday and continue to digest weak US labor market data, next week will present a new test for major currency pairs. The latest Federal Open Market Committee (FOMC) meeting minutes and initial jobless claims data will test the resilience of the US dollar.

The main policy decisions this week will be the Reserve Bank of New Zealand's (RBNZ) monetary policy review and the announcement of the Official Cash Rate (OCR) on Wednesday, July 8th, along with an online media briefing. The minutes of the June 17th FOMC meeting will also be released on Wednesday, and the European Central Bank's June policy meeting minutes are expected to be released on Thursday. The Bank of England's Financial Stability Report and the Financial Policy Committee (FPC) minutes will be released on Tuesday. There are no major interest rate decisions scheduled for this week from the Federal Reserve, the European Central Bank, the Bank of England, the Bank of Japan, the Reserve Bank of Australia, and the Bank of Canada.

Major investment banks collectively bearish on crude oil futures

The Strait of Hormuz is rapidly returning to normal shipping conditions, and geopolitical risk premiums continue to decline. According to Iran's Tasnim News Agency, Iranian Parliament Speaker Qassem Ghalibaf stated on the 3rd that the Strait of Hormuz will be jointly managed by Iran and Oman.

This statement stemmed from a meeting between Ghalibaf and Iraqi Parliament Speaker Haibat Khalabsi. He explicitly mentioned that the memorandum of understanding previously signed by the US and Iran has been incorporated into this management plan, and that Iran is widely soliciting opinions from Iraq and other Persian Gulf littoral states regarding the joint management mechanism.

This memorandum defining the rules for the Strait's governance is a key factor in the rapid return to normalcy in Strait of Hormuz shipping and the continued decline in geopolitical risk premiums, and it has also become the core geopolitical basis for major Wall Street investment banks to lower their oil price forecasts.

Citigroup issues pessimistic forecast: Crude oil may fall to $60-65/barrel by year-end

Citigroup recently released an energy research report, expressing an extremely bearish view on oil prices. The report predicts that with the gradual return to normalcy of oil transport through the Strait of Hormuz and the continued easing of geopolitical tensions between the US and Iran, Brent crude oil prices may fall to $60-65/barrel by the end of the year.

Citigroup also believes that the current US-Iran memorandum of understanding has a stable foundation for implementation, and a formal agreement is highly likely to be finalized in the coming months. For the US, Iran, and most countries in the Middle East, the economic and security benefits of easing geopolitical conflict far outweigh the costs of continued confrontation.

As a well-known investment bank holding a bearish view, Citigroup's bearish outlook on oil prices is based on a confluence of negative factors: full reopening of the Strait of Hormuz, the implementation of the Iran-Afghanistan co-management mechanism, and the continued clearing of geopolitical premiums; persistently weak domestic crude oil demand; a concentrated surge in Middle Eastern crude oil production in the short term, putting significant pressure on spot oil prices; and a slower-than-expected reduction in global crude oil inventories, weakening inventory support.

Bullish Market Logic: Low Inventories May Spur Temporary Replenishment Support

A mainstream view in the market is bullish on crude oil. Many industry analysts point out that four months into the current Middle East geopolitical conflict, crude oil inventories in the US and many other countries have fallen to multi-decade lows.

Based on past cyclical patterns, the subsequent concentrated replenishment of strategic reserves by various countries is expected to provide temporary support for international oil prices, forming a short-term bullish factor.

Goldman Sachs Refutes Replenishment Benefits: Global Crude Oil Surplus to Reach 3 Million Barrels Per Day Next Year

Goldman Sachs released a report last week significantly weakening the bullish value of low inventory replenishment. The bank stated that even if a global crude oil replenishment cycle begins simultaneously, it will not be able to offset the large-scale oversupply pressure in the market next year. The normalization of shipping in the Strait of Hormuz will further amplify the scale of surplus crude oil supply. The global crude oil oversupply will reach 3 million barrels per day next year.

Even with global efforts to replenish strategic petroleum reserves, only about 1 million barrels of excess supply can be absorbed daily, leaving a supply surplus of nearly 2 million barrels per day in the market.

Multiple investment banks have simultaneously turned bearish, limiting the medium- to long-term upside potential for oil prices.

Since the US and Iran signed a memorandum of understanding and finalized a joint management agreement for the Strait of Hormuz, several Wall Street investment banks have simultaneously shifted to a bearish stance, unanimously predicting that the crude oil market will fall into a supply glut next year.

Morgan Stanley has significantly lowered its 18-month oil price forecast, with its core logic consistent with Citigroup and Goldman Sachs: the full resumption of shipping through the Strait of Hormuz, coupled with the continued release of incremental supply from the Middle East, will accelerate the arrival of a new round of crude oil supply glut, continuously suppressing the medium- to long-term upside potential for oil prices.

Conclusion:

Considering the current market fundamentals and geopolitical policy changes, the divergence between bulls and bears in the crude oil market is very clear. Short-term restocking demand driven by low inventory levels can only provide temporary price support. The implementation of the Strait of Hormuz joint management agreement, the full resumption of oil shipping, and the long-term oversupply expectation resulting from the easing of US-Iran geopolitical tensions have become the core basis for major investment banks' collective bearish outlook on oil prices. Operationally, the summer rebound in crude oil prices is more suitable for shorting on rallies.

Technically, the overall adjustment in oil prices has been too large, with no significant rebound expected in the short term. A rebound is still imminent, presenting a good entry point.

Gold has fallen for four consecutive months; is it aiming for the $5000 mark in the second half of the year?

Recently, international gold prices have experienced a four-month-long deep correction. The market believes the sharp drop is only a temporary adjustment, and the annual bull market has not ended. Supported by structural benefits such as continued gold purchases by global central banks and the diversification of foreign exchange reserves, gold's long-term support is solid. In the short term, the market is under pressure from the Fed's hawkish policies, but allocation demand is rising. Goldman Sachs revised its gold purchase data and maintained its year-end high gold price target, while also warning of short-term downside risks from market volatility.

International gold prices have recently experienced a four-month-long period of deep correction, leading to a spread of pessimism in the market. However, some market participants believe that this decline is merely a temporary adjustment and not the end of the annual bull market for gold. Supported by the continued gold purchases by global central banks and a gradually improving macroeconomic environment, gold prices are expected to rebound in the second half of the year, potentially approaching the $5,000 mark again, with the medium- to long-term upward trend remaining solid.

Institutions Remain Bullish on Gold; Structural Support Remains Unbroken

A recent research report from a financial institution stated that the overall upward trend in gold prices has not ended, and driven by both structural and cyclical factors, gold prices still have ample room for further gains.

The institution's core confidence in its bullish outlook on gold stems from the unwavering demand for gold from global central banks, which is also the core pillar for the recovery of precious metal prices in the second half of the year.

Following the changes in the global reserve system in 2022, emerging market central banks have continued to diversify their foreign exchange reserves and reduce reliance on single currencies. This long-term structural trend is the core basis for the institution's prediction that gold prices will stabilize at $4,900 per ounce by the end of 2026. Meanwhile, data from a World Gold Council survey corroborates this trend. This survey covered 76 global central banks, with a record 45% planning to increase their gold reserves in the next 12 months, indicating continued high official demand for gold.

Short-term pressure does not change the long-term trend; a turning point in monetary policy is approaching.

Regarding the short-term decline in gold prices, the current suppressing factors have been objectively analyzed. The Federal Reserve's hawkish policy stance has weakened the market's trading logic of currency depreciation. Coupled with rising market expectations of interest rate hikes, continuous outflows of funds from gold ETFs have put downward pressure on gold prices. However, institutions predict that these negative suppressing factors will gradually ease, and the market is expected to recover.

The Federal Reserve will maintain interest rates unchanged this year until the second half of 2027 before restarting the rate-cutting cycle. As monetary policy expectations gradually materialize, valuation pressure on gold will continue to ease, and ETF holdings will steadily recover, providing financial support for a gold price rebound. At the same time, the growing concerns about the fiscal sustainability of many countries will drive private investors to accelerate their allocation to gold, further expanding the upside potential for gold prices.

Correction of Gold Purchase Data Discrepancies: Central Bank Demand Far Exceeds Market Expectations

Since August 2025, official UK trade data has been unable to fully capture gold outflows from London vaults, resulting in a significant omission of central bank gold purchases and leading to a substantial underestimation of official demand in past market calculations. Against the backdrop of continued geopolitical volatility, demand for gold from both official and private investors worldwide continues to rise, providing solid support for gold prices.

Annual Target Clear, Short-Term Risks Remain Vigilant

The institution maintains its year-end gold price target of $5,000 per ounce for 2026, maintaining a firm long-term bullish stance. However, it also warns of potential short-term risks. If global markets experience sharp fluctuations, investors may sell off liquid assets to recoup funds, potentially putting renewed downward pressure on gold prices, and the rebound will not be immediate.

Conclusion:

Overall, the four-month correction in gold prices is a healthy technical adjustment, not a market reversal. Multiple positive factors, including continued global central bank purchases, reserve diversification reforms, and the approaching turning point in monetary policy, form the foundation for a long-term bull market in gold. Short-term market volatility and policy pressures are normal phenomena. In the second half of the year, as these suppressing factors subside, gold is expected to see a strong recovery.

The US Dollar Posts Best Monthly Gain in a Year; Watch for a Turning Point

The US dollar index performed strongly in June, poised to record its largest monthly gain in nearly a year. Geopolitical tensions, a shift in Federal Reserve policy, and the return of global funds to safe-haven markets continued to support the dollar.

However, in the short term, the dollar index showed signs of weakening at the beginning of last week. Multiple positive factors are diminishing, policy expectations are gradually being revised, and technical corrections are expected. The dollar is likely to enter a period of consolidation with a slightly weaker bias in the short term, and the strong monthly close may see a temporary cooling.

Recurring Gulf Geopolitical Tensions: Short-Term Support for the Dollar, but Limited Sustainability

Last month, the ongoing Gulf geopolitical conflict continued to disrupt global markets, becoming a core short-term factor supporting the safe-haven demand for the dollar. The escalating tensions between the US and Iran have fueled fluctuating risk aversion in the market, indirectly leading to a temporary strengthening of the US dollar.

Before the end of last month, the US and Iran clashed again, with Iran launching missile and drone strikes against US military facilities in Kuwait and Bahrain. Prior to this, Trump had also issued a strong warning to Iran, exacerbating regional tensions. Against this backdrop of heightened tensions, the Strait of Hormuz shipping route was repeatedly attacked, disrupting global energy transport and pushing international oil prices higher on Monday.

Rising oil prices further increased global inflation expectations, forcing the market to strengthen expectations of a tighter monetary policy from the Federal Reserve, indirectly boosting safe-haven buying of the US dollar. However, signs of easing tensions have emerged, with the US and Iran reaching an agreement to suspend military confrontations in the Gulf region and scheduled to resume negotiations in Qatar.

Ivan Jelista points out that the recurring geopolitical conflicts continue to suppress gold prices while providing temporary support for the US dollar.

However, objectively speaking, geopolitical benefits are highly short-term and volatile. Once the situation eases marginally, safe-haven funds will quickly retreat, and the dollar's gains previously driven by geopolitical sentiment will face a correction. This was one of the key reasons why the dollar weakened at the beginning of last week.

Market pricing in hawkish Fed expectations weakens marginal support

Besides geopolitical factors, the reshaping of Fed policy expectations is the core fundamental logic behind the dollar's strength this month. New Fed Chairman Warsh, in his first appearance this month, removed commonly used dovish guidance language, giving the Fed a generally hawkish stance.

This, coupled with a large-scale sell-off in global stock markets led by the technology sector, has resulted in a continuous return of safe-haven funds to dollar assets, providing solid support for the dollar index's strong monthly performance.

The relative strength of the US economy compared to most global economies originally supported a gradual, medium- to long-term strengthening of the dollar; however, if employment data remains strong, the Fed's room for interest rate cuts will narrow significantly, and the high-interest-rate environment will continue to benefit the dollar.

Meanwhile, the market is also closely watching the European Central Bank's annual forum, where Federal Reserve Chairman Warsh will participate in a key policy roundtable discussion, attempting to glean his overall policy inclinations. However, the market's prior expectations of Warsh's hawkish policies were somewhat overpriced, a key reason for the short-term downward pressure on the dollar.

The market had previously been concerned that Warsh, nominated during the Trump era, with a strong political background and no formal economics background, might adjust monetary policy to align with the White House's demands, excessively reinforcing a tightening stance.

However, from the perspective of the Fed's operating mechanism, a single chairman cannot dictate policy direction. FOMC monetary policy is decided by a joint vote of twelve voting members, with Warsh holding only one vote. His legal authority is limited to procedural aspects such as meeting agenda scheduling and personnel administration, and he cannot unilaterally change the policy tone.

The establishment of five special working groups has solidified Warsh's ability to formulate rational policies.

Compared to the market's one-sided hawkish predictions, Warsh's core reform measures after taking office highlight his pursuit of objective and systematic interest rate policy formulation, effectively offsetting market expectations of extreme tightening and limiting further upside potential for the dollar. To restructure the Federal Reserve's monetary policy system and optimize the scientific basis of its decision-making, Warsh officially announced the establishment of five special working groups covering five core areas: the Fed's communication mechanisms, balance sheet management, data source verification, productivity and employment research, and inflation framework assessment.

These five working groups will integrate internal and external professional research resources within the Fed to systematically review and optimize the entire monetary policy formulation process.

On the one hand, the working groups will re-examine inflation measurement models and employment data analysis standards, abandoning reliance on single data sources and conducting comprehensive assessments based on real economy productivity and balance sheet performance to avoid subjective policy biases.

On the other hand, they will optimize the Fed's external communication mechanisms, correcting the market lag issues of past forward guidance. This systematic working mechanism compensates for Warsh's market shortcomings stemming from his economics background, enabling him to formulate interest rate policies based on multi-dimensional professional research data and objective market fundamentals, rather than simply relying on political stances.

This means that Warsh's monetary policy will not fall into the trap of extreme hawkishness, and subsequent interest rate adjustments will be more aligned with economic fundamentals. The market's previously over-considered expectations of persistently high interest rates and strong tightening are gradually cooling, directly prompting profit-taking by dollar bulls and triggering a short-term weakening of the index.

Conclusion:

Multiple positive factors have materialized, and the dollar may enter a period of adjustment in early July.

Considering both fundamentals and market trends, the dollar's strength this month stemmed from the convergence of three core positive factors: geopolitical risk aversion, a reversal in policy expectations, and capital inflows. However, these multiple positive factors have now been gradually digested.

Geopolitical tensions have eased, and safe-haven buying has subsided. Market expectations of Warsh's extreme hawkishness have been corrected by his systematic reform measures, and tightening expectations are marginally cooling. Friday's non-farm payrolls report will provide a window for market realization.

The dollar's technical indicators have shown signs of weakening, with insufficient bullish momentum. A pullback is expected after a short-term consolidation.

The yen hit a new low against the dollar since 1986; intervention risks are rising sharply.

The dollar/yen pair has recently attracted buyers, continuously reaching multi-decade highs. The significant interest rate differential between the US and Japan has sustained carry trades in the yen and supported the currency pair. Uncertainty surrounding the Iranian situation and expectations of a Fed rate hike have supported the dollar, pushing the spot price higher, reaching a high of 162.84.

The continued strength of the exchange rate is driven by a confluence of factors, including a significant divergence in US-Japan monetary policies, shifts in market expectations for rate hikes, and geopolitical disturbances. Simultaneously, the continued depreciation of the yen has increased the risk of official Japanese intervention in the foreign exchange market, becoming a key focus in the current foreign exchange market.

The yen continues to weaken, and verbal intervention by the Japanese government has had little effect.

This round of strong USD/JPY trading has been remarkably consistent, with the exchange rate holding above the 162.00 level for three consecutive trading days. Overall market sentiment is bullish, while traders are highly wary of any sudden intervention by the Japanese government.

Faced with the continued irrational depreciation of the yen, Japanese officials have repeatedly issued warning signals. Chief Cabinet Secretary Minoru Kihara publicly stated that Japan is fully prepared and will take necessary regulatory measures in the foreign exchange market based on market conditions. At the same time, Finance Minister Satsuki Katayama also spoke out to stabilize the situation, stating that the Japanese government will introduce appropriate regulatory measures in response to abnormal exchange rate fluctuations. However, given the significant interest rate differential between the US and Japan, repeated verbal interventions by Japan have failed to change the market trend. The pressure on the yen's depreciation has not been effectively alleviated, and the exchange rate continues its strong downward trend.

The divergence in US and Japanese monetary policies forms the core pattern of exchange rate movement.

The significant differences in US and Japanese monetary policies are the fundamental underlying logic behind the current strengthening of the US dollar against the yen.

The Bank of Japan completed its interest rate hike in June, raising the benchmark interest rate to 1%, the highest level since 1995, and will continue to steadily advance the normalization of monetary policy. Conversely, the Federal Reserve has maintained its benchmark interest rate range at 3.5% to 3.75%, but market expectations for further rate hikes continue to rise.

The persistently high interest rate differential has fueled the continued popularity of yen carry trades, becoming a key driver of the USD/JPY bullish trend. Coupled with the dollar's own periodic strengthening, this has continuously pushed the USD/JPY exchange rate to new highs, making the bullish trend very solid.

CME Group interest rate monitoring data shows that the market anticipates an 83% probability of a Fed rate hike this year, further solidifying the fundamental support for a stronger dollar.

Geopolitical and economic data converge, reinforcing expectations of a strong dollar.

The external market environment further supports a stronger dollar. Recent accusations from the US and Iran of violating the interim agreement reached in June have escalated regional uncertainty and intensified risk aversion in global markets.

Meanwhile, the latest US job openings and labor force turnover survey data confirms the resilience of the US labor market and the robust performance of the economy, thoroughly solidifying market expectations for a Fed tightening monetary policy and providing solid support for the continued appreciation of the dollar.

Conclusion:

Overall, the current USD/JPY pair is clearly in an uptrend, with the interest rate differential, economic fundamentals differences, and geopolitical risks all contributing to its continued rise to new highs. Despite ongoing intervention signals from the Japanese government, it is unlikely to reverse the market trend in the short term.

Going forward, close attention should be paid to speeches by Federal Reserve officials and a series of key US economic data, while also being wary of the risk of a market reversal due to sudden Japanese intervention.

Overview of Important Overseas Economic Events and Matters This Week:

Monday (July 6): Eurozone June Producer Price Index (YoY); Eurozone June Retail Sales (MoM); US June Global Supply Chain Stress Index; June ISM Non-Manufacturing New Orders Index

Tuesday (July 7): Japan May Leading Economic Index (MoM); US May Trade Balance (USD Billion)

Wednesday (July 8): New Zealand Official Cash Rate; US June Wholesale Sales (MoM); US EIA Crude Oil Inventory Change (10,000 barrels) (to July 3); US EIA Monthly Short-Term Energy Outlook Report

Thursday (July 9): Initial Jobless Claims (1,000s) (to July 4); June NAR Existing Home Sales (Annualized MoM); Eurozone Finance Ministers Meeting

Friday (July 10): June Domestic Corporate Goods Price Index (YoY); Dallas Fed President Logan delivers a speech

Disclaimer: The information contained herein (1) is proprietary to BCR and/or its content providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely; and, (4) does not constitute advice or a recommendation by BCR or its content providers in respect of the investment in financial instruments. Neither BCR or its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.