The U.S. dollar erased earlier gains driven by Mideast tensions after minutes from the Federal Reserve's June meeting revealed a more divided and cautious outlook on future rate hikes than investors had anticipated.
UBS maintains a favorable view on the New Zealand dollar, recommending it for U.S. dollar diversification and favoring a short AUD/NZD position after the Reserve Bank of New Zealand's latest interest rate increase.
The company disclosed a significant loss on its digital assets for the second quarter and has sold over 3,500 bitcoin to cover preferred stock distributions and add to its cash reserves.
Analysts at Bernstein note that Bitcoin's current 54% drawdown is significantly shallower than previous cycles, suggesting a more mature and resilient market despite recent price weakness.
The world's largest cryptocurrency rose nearly 2% as comments from President Trump suggesting a potential deal with Iran calmed markets, reversing earlier losses tied to geopolitical conflict.
Bitcoin's price remained stable over the weekend, showing little reaction to geopolitical tensions in the Middle East after U.S. officials refuted claims that the Strait of Hormuz was closed. Investor focus is also on U.S. regulation and an internal developer debate.
China has suspended helium exports to safeguard domestic reserves as escalating conflict in the Middle East threatens global shipments of the gas, a critical component in semiconductor manufacturing.
The Saudi Arabian stock market closed with a marginal gain on Sunday, as strength in the industrial and construction sectors offset broader market weakness where declining stocks outnumbered advancers.
Ford Motor and Canadian auto union Unifor have reached a tentative three-year labor agreement covering more than 5,000 workers. The deal, which averts a potential strike, now awaits ratification by union members and sets a pattern for upcoming talks with GM and Stellantis.
