US Dollar Update:

Advisory Bazaar Info Services

The US Dollar Index rose by 0.2% to 97.78. Data released on Thursday showed that weekly initial jobless claims in the US unexpectedly fell to a seven-week low, indicating stabilization in the labor market and reducing the urgency for the Federal Reserve to resume interest rate cuts.

According to CCTV News, on July 10, US President Trump announced a 35% tariff on Canadian imports, effective from August 1. Earlier, on July 7, Trump had sent tariff letters to 14 countries including Japan and South Korea, with proposed rates ranging from 25% to 40%. He also signaled that more such letters would be issued this week.

On July 9, Trump sent additional letters to leaders of six other countries notifying them of new tariffs on US imports. On the same day, he posted a letter on the social media platform Truth Social regarding tariff hikes on Brazilian products, stating that the US would impose a 50% tariff on all Brazilian goods starting August 1, 2025.

Crude Oil Market:

After overnight declines, both WTI and Brent crude futures saw slight rebounds. As of 11:39 AM, WTI was up 0.54% and Brent was up 0.42%.

In its “2025 World Oil Outlook” released on Thursday, OPEC revised down its global oil demand forecasts for the period 2026–2029. It now expects average demand in 2026 to reach 106.3 million barrels per day, down from last year’s projection of 108 million bpd.

EU diplomats stated on Thursday that the bloc is expected to propose a floating price cap on Russian oil this week, as falling oil prices have made the current fixed price cap ineffective.