Treasuries

December E-mini S&P 500 Index futures are trading above the 50-day moving average in overnight action, keeping the main daily trend pointed higher. Softer PCE inflation helped rate-hike expectations ease, but firm Treasury yields and cautious Fed commentary kept broader equity sentiment uneven.

Gold moved away from session lows after testing the $4300 to $4320 support zone, even as Treasury yields climbed and the dollar strengthened. Silver remained near resistance around $65.00 to $66.00, while platinum pressed against the $1780 to $1800 area.

Bitcoin traded in a narrow range near $63,800 even as gold, oil, equities and government bonds moved sharply after another round of U.S. strikes on Iran. The muted crypto reaction points to a market increasingly driven by dollar liquidity and the chip-linked equity cycle rather than geopolitical headlines alone.

The U.S. dollar came under pressure after June Non Farm Payrolls showed job creation below expectations, prompting traders to reduce bets on a more hawkish Federal Reserve. EUR/USD and GBP/USD pushed higher, USD/CAD retreated with commodity-linked currencies, and USD/JPY fell as profit-taking intensified near elevated levels.

Invesco has filed with the SEC to launch a tokenized vehicle designed to hold cash and short-term U.S. Treasuries for stablecoin reserves. The move intensifies a growing race among major asset managers to capture a share of the fast-expanding stablecoin market.

Fidelity Investments is launching a money market fund designed to hold reserves for stablecoin issuers and institutional clients under the new GENIUS Act. The move intensifies competition with traditional asset managers as the stablecoin market expands.