News

Golden Ten Data reported on July 2 that the US Dollar Index, which measures the dollar against six major currencies, rose 0.2% on the day and closed at 101.39 in the foreign exchange market. By the close of the New York forex market, 1 euro exchanged for 1.1380 US dollars, down from 1.1420 US dollars on the previous trading day; 1 pound exchanged for 1.3278 US dollars, up from 1.3255 US dollars on the previous trading day. 1 US dollar exchanged for 162.53 Japanese yen, down from 162.62 Japanese yen on the previous trading day; 1 US dollar exchanged for 0.8092 Swiss francs, up from 0.8083 Swiss francs on the previous trading day; 1 US dollar exchanged for 1.4216 Canadian dollars, up from 1.4204 Canadian dollars on the previous trading day; and 1 US dollar exchanged for 9.7300 Swedish krona, up from 9.7005 Swedish krona on the previous trading day.

In the Asia-Pacific morning session, the index experienced a V-shaped reversal between 08:00–12:00 (UTC+8). At 10:14 (UTC+8), it hit a daily low of 3,517.16 points, and remained mostly in an upward trend for the rest of the period.

Specifically, there has been a significant surge in both open interest (the total number of outstanding positions held by traders) and trading volume for the July futures contracts (launched by CME) linked to the Secured Overnight Financing Rate (SOFR) and the Effective Federal Funds Rate. The spread between these two types of contracts (known as the "basis") hit a record high trading volume of 112,590 contracts on Monday, with open interest also increasing. The capital flow included a sell-off of 60,000 contracts, while there was clear buying activity on Wednesday. As most of these trades are conducted anonymously, it is difficult for outsiders to identify which specific institutions are involved or the true beneficiaries behind these bets.