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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⚠️ New Zealand — Official Cash Rate at 03:00 GMT

✔️ Prev: 2.25%

🕒 Exp: 2.50%

🎯 Fact.: 2.50%

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⚠️ New Zealand — RBNZ Press Conference at 03:00 GMT

🗓 Economic Calendar at 2026/07/09 (GMT)

14:30 🇺🇸 Crude Oil Inventories — Exp: -1900K Actual: 2998K

18:00 🇺🇸 ⚡️ FOMC Meeting Minutes

01:30 🇨🇳 ⚡️ Consumer Price Index — Exp: 1.1% Actual: 1.0%

01:30 🇨🇳 Producer Price Index — Exp: 4.1% Actual: 4.1%


[Updated in real time]

Brent: Geopolitics comes to the rescue.

• The escalation of the conflict in the Middle East has allowed oil prices to recover.

• The US dollar has gained favour as a safe-haven asset.

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Silver Wave Analysis – 8 July 2026

- Silver reversed from resistance zone

- Likely to fall to support level 55.00

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RACE Wave Analysis – 8 July 2026

- RACE reversed from strong resistance level 395.00

- Likely to test support level 380

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Ethereum Wave Analysis – 8 July 2026

- Ethereum reversed from resistance level 1800.00

- Likely to fall to support level 1500.00

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Euro stoxx 50 index Wave Analysis – 8 July 2026

Euro stoxx 50: ⬇️ Sell

- Euro stoxx 50 broke two upward sloping support trendlines

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⚠️ USA — FOMC Meeting Minutes at 18:00 GMT

⚠️ China — Consumer Price Index at 03:00 GMT

✔️ Prev: 1.2%

🕒 Exp: 1.1%

🎯 Fact.: 1.0% 📉

🗓 Economic Calendar at 2026/07/10 (GMT)

12:30 🇺🇸 Unemployment Claims — Exp: 218K Actual: 215K

14:00 🇺🇸 Existing Home Sales — Exp: 4.19M Actual: 4.09M | -2.4%


[Updated in real time]