forex cross rate

US President Trump: We had some very good meetings, especially with Turkey.

President Trump: We had dinner with President Erdogan last night. I would give this dinner a 10, maybe a 12.

Trump's tough remarks pushed international oil prices up rapidly during the session, the market quickly traded in the risk of "secondary inflation", and expectations of an interest rate cut by the Federal Reserve further cooled. U.S. bond yields and the U.S. dollar have strengthened simultaneously, directly increasing the holding costs of non-interest-bearing assets such as gold and silver. As a result, precious metal bulls have suffered concentrated selling. But this decline is not purely driven by fundamentals, but more like a liquidity liquidation. Previously, gold long positions were highly concentrated, and the market generally bet that geopolitical risks will continue to support gold prices. When technology stocks and semiconductor sectors adjust simultaneously, cross-asset funds face margin pressure. Assets with the most liquidity and the most early profits are often liquidated first, with gold and silver becoming the choice for quick withdrawal of funds. At the same time, highly valued technology assets such as Samsung Electronics and NVIDIA are under pressure, and South Korea's triple leveraged ETF KORU has fallen sharply during the day, reflecting that the market is shrinking in risk exposure. After precious metals fell below key technical levels, they triggered chain selling orders from quantitative funds and trend trading strategies, exacerbating short-term fluctuations. The core of this market is not that the demand for hedging has disappeared, but that changes in interest rate expectations and capital deleveraging have overtaken traditional hedging logic in stages.

U.S. chip stocks were generally down before the market opened, with Arm (ARM.O) falling 3.8%, SanDisk (SNDK.O) falling 6.3%, and Qualcomm (QCOM.O) falling 2.2%. Nvidia (NVDA.O) fell 1.9%, Micron Technology (MU.O) fell 5%, Advanced Micro Devices (AMD.O) fell 2.5% and Intel (INTC.O) fell about 5%.

Overseas technology news confirmed that OpenAI's GPT-5.6 flagship model (Sol, Terra and Luna sequences) has been approved by the U.S. Department of Commerce and will be fully rolled out to the public this Thursday (July 9); and Musk's SpaceX AI's Grok 4.5 (which integrates Cursor programming data) also announced the completion of private beta testing and will officially launch its public beta tomorrow. In addition to the upcoming official versions of Google Gemini 3.5 Pro and DeepSeek V4, Global AI laboratories are being forced from "quarterly updates" to an arms race of "weekly or even monthly updates." Major manufacturers are eager to bring models to the market, essentially to use terminal computing power output to hedge against Wall Street's strict scrutiny of sky-high CapEx before the second quarter earnings season. Constellation Research and public market data show that the competitive logic of cutting-edge models is undergoing profound differentiation: on the one hand, OpenAI and Grok pursue trillion/trillion-level (1.5T+V9 architecture) extreme reasoning capabilities; On the other hand, DeepSeek V4 has quickly gained share in the open source market and Agent scenarios with its extremely high Token cost-benefit ratio (such as as low as $0.09 per million Tokens). This comparison made the market realize that if the high-cost flagship model cannot bring matching monopoly-level business returns, traffic will accelerate towards the extremely cost-effective inference end and application-specific chips (ASICs).

Bernstein: Cut Netflix (NFLX.O) price target to $100 from $110.