▶️ Pro News Weekly: Gold Holds Firm Despite Fed Pressure

Welcome to Pro News Weekly!

💵 The U.S. dollar is retreating after weaker-than-expected employment and manufacturing data reduced expectations for additional Federal Reserve rate hikes in 2026. Markets are increasingly focusing on easing inflation, allowing major currencies to recover against the greenback.

📊 Stock indices are taking a breather after a strong rally as investors rotate away from technology shares toward more economically sensitive sectors. While concerns remain over AI valuations, elevated bond yields and geopolitical risks, seasonal trends continue to support Wall Street, with July historically one of the strongest months for the S&P 500.

🪙 Gold remains under pressure after its weakest quarter since 2013, but long-term sentiment is still improving. Central banks continue to increase their gold holdings, with many expecting prices to climb toward $5,000 to $6,000 per ounce over the next year despite recent volatility.

₿ Bitcoin has fallen to a 21-month low as record ETF outflows, changing strategy at major crypto investment firms and growing competition from tokenised assets weigh heavily on investor confidence. Markets are increasingly questioning whether institutional demand can recover anytime soon.

📊 With ISM Services PMI, the US trade balance, Canadian employment data, ECB meeting minutes and the Reserve Bank of New Zealand all due next week, could fresh economic data determine the next move for global markets?

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🗓 Economic Calendar at 2026/07/07 (GMT)

08:30 🇬🇧 Construction PMI — Exp: 40.1 Actual: 38.4

14:00 🇺🇸 ⚡️ ISM Services PMI — Exp: 54.2 Actual: 54.0


[Updated in real time]

Bitcoin returns to $63K: eight weeks of outflows from ETFs are weighing on

The crypto market capitalisation rose to $2.21T at the start of trading on Monday, but soon corrected to $2.18T, while still up by over 5% from the previous week's levels. Despite the positive momentum, the situation remains within the bounds of a corrective rebound, having failed to climb even above the region of previous local highs at $2.27T. Without consolidating above this level, the market remains in a downtrend characterised by a sequence of lower highs and lower lows.

The sentiment index has been rising by 1 point per day since 3 July, reaching 24 by the start of 6 July. Remaining in the ‘extreme fear’ zone, the index is now at its highest level in over a month, clearly reflecting the gloomy sentiment.

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The pound: politics comes to the rescue

The stabilisation of the political situation in Britain is driving the GBPUSD rally.

Traders are wondering: Were there currency interventions in Japan? Or is fear to blame?

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S&P 500: Rotation has put the brakes on the market

A rotation is taking place in the US stocks.

Seasonal factors and impressive earnings are supporting the S&P 500.

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🇺🇸 US Pre-Market: Mostly Positive 📈

Following the long weekend, the US stock market is seeing a predominantly positive yet selective trend in pre-market trading.

In the Information Technology sector, NVIDIA (NVDA) is up 0.28%, while Broadcom (AVGO) is up 4.12%.

In the Financials sector, JPMorgan Chase (JPM) is down 0.41%, while Bank of America (BAC) is down 0.01%.

In the Energy sector, Exxon Mobil (XOM) is down 0.44%, while Chevron (CVX) is down 0.44%.

The overall picture points to moderate risk-on sentiment: gains across several major technology names are supporting risk appetite, while mixed performance in the financial and energy sectors is tempering optimism. For the dollar, this creates a largely neutral short-term backdrop: interest in safe-haven dollar assets is not increasing, but there is no sign of significant pressure on the currency either.

⚠️ USA — ISM Services PMI at 03:00 GMT

✔️ Prev: 54.5

🕒 Exp: 54.2

🎯 Fact.: 54.0 📉

AUDJPY Wave Analysis – 6 July 2026

- AUDJPY reversed from support zone

- Likely to rise to next resistance level 113.40

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Comcast Wave Analysis – 6 July 2026

- Comcast reversed from resistance zone

- Likely to fall to support level 22.20

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USDJPY Wave Analysis – 6 July 2026

- USDJPY reversed from pivotal support level 160.50

- Likely to rise to resistance level 163.00

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FTSE 100 Index Wave Analysis – 6 July 2026

FTSE 100: ⬇️ Sell

- FTSE 100 reversed from key resistance level 10750.00

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🗓 Economic Calendar at 2026/07/08 (GMT)

10:30 🇬🇧 ⚡️ BOE Governor Andrew Bailey Speaks

12:30 🇺🇸 Trade Balance — Exp: -78.3B Actual: -77.6B

12:30 🇨🇦 Trade Balance — Exp: 2.8B Actual: 4.2B

14:00 🇨🇦 Ivey PMI — Exp: 59.1 Actual: 56.2 | 59.7

02:00 🇳🇿 ⚡️ Official Cash Rate — Exp: 2.50% Actual: 2.50%

02:00 🇳🇿 ⚡️ RBNZ Rate Statement

03:00 🇳🇿 ⚡️ RBNZ Press Conference


[Updated in real time]

Gold: Does it have the momentum to set new records?

The Fed’s rate hike expectations limit gold’s rally potential.

Capital inflows into ETFs and central bank purchases are supporting the gold price.

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⚠️ UK — BOE Governor Andrew Bailey Speaks at 10:30 GMT

Rumours of intervention have rattled USDJPY

Fear has a way of magnifying things. The sharp fall in USDJPY in the run-up to the US bank holidays prompted rumours of a new round of currency intervention to circulate widely in the market. At the turn of April and May, Japan spent around $73 billion on such interventions, but only to buy time, not to reverse the upward trend. Could the authorities have made a second attempt?

The catalyst for the USDJPY sell-off was a Reuters report by an insider about a change in the government’s strategy. Previously, it had warned of intervention in the forex market, but it now has no intention of doing so. A currency intervention could have taken place at any moment, and speculators fell for it. They began to sharply unwind their net long positions, which had reached their highest level since 2007 by the week ending the 30th of June, leading to a sharp strengthening of the yen.

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Crypto: the market is set to test the strength of the downtrend

The crypto market capitalisation has risen by 2.3% over the past 24 hours to $2.19T. Still, we see the market’s ability to absorb the news of Strategy selling bitcoins from its reserves as the key development. The market began to recover from the initial dip fairly quickly, adopting a pragmatic stance regarding the scale of the sell-off. Although a test of the previous high is still to come, market capitalisation is approaching the 50-day moving average; a sustained move above this level would be an important confirmation of a reversal towards a bullish trend. Among the most active coins, the top gainers over the past 24 hours were Aptos (+6.1%), Internet Computer (+3.8%) and VeChain (+3.7%). Lagging were Stellar (-2.3%), Gram (-2.1%) and Hedera (-1.6%).

The sentiment index has risen to 27, emerging from the ‘extreme fear’ zone where it had remained for 40 days. That said, we once again advise waiting for a sustained move above the 50 level before concluding that the market has reversed. This is because such a move has not been achieved since last November.

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▶️ Pro News Flash: Japan Can’t Stop the Dollar

💵 The US dollar has regained strength after rumours of another Japanese currency intervention briefly triggered a sharp selloff in USD/JPY. Speculators quickly unwound long dollar positions, but the move proved short-lived as the greenback rebounded.

🇯🇵 Markets remain sceptical that Japan is prepared to intervene again. The previous intervention, which cost around $73 billion, only slowed the dollar's advance rather than reversing the broader trend, while recent price action suggests authorities stayed on the sidelines.

📊 The biggest driver continues to be the widening gap between US and Japanese monetary policy. With the Federal Reserve expected to keep fighting inflation while the Bank of Japan remains accommodative, investors continue to favour the US dollar over the yen.

🏦 Goldman Sachs has raised its year-end USD/JPY forecast from 155 to 165, citing the growing divergence between the Fed and the Bank of Japan. Expectations that Japanese policymakers could continue supporting low interest rates are adding further pressure on the yen.

⚠️ Although rumours of intervention may continue to create short-term volatility, analysts believe monetary policy differences remain the dominant force, keeping the longer-term outlook supportive for the US dollar.

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USDCHF Wave Analysis – 7 July 2026

- USDCHF reversed from support zone

- Likely to rise to resistance level 0.8130

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Morgan Stanley Wave Analysis – 7 July 2026

Morgan Stanley: ⬆️ Buy

- Morgan Stanley reversed from support zone

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