To The Moon

I. Weekly Highlights

🔸 Highlight 1: The Fed held rates steady; the 30-year Treasury yield reached a 19-year high

The FOMC left the policy rate unchanged at its meeting on 29 July. The 30-year Treasury yield subsequently rose to 5.22%, its highest level since 2007, placing long-term borrowing costs at a 19-year high. In an interview with Reuters on 31 July, New York Fed President Williams said he expects inflation to ease and that rate increases remain an option should it persist. The US Dollar Index recorded its largest single-day decline in about four weeks and ended July down more than 1%.

🔸 Highlight 2: The US Treasury and Japan confirmed a joint yen intervention

According to Reuters and the Financial Times, the Japanese government purchased yen in the foreign exchange market on 30 July, and the US Treasury followed with yen purchases on 31 July. On 3 August, Japan's Ministry of Finance and the US Treasury each confirmed the action as a joint intervention. Bank of Japan data indicate a single operation estimated at approximately USD 59 billion. Treasury Secretary Bessent said he would not rule out further joint action. The yen had previously been trading in a range close to four-decade lows.

🔸 Highlight 3: Transit through the Strait of Hormuz was disrupted; oil rose then gave back its gains

Amid the ongoing Iran conflict, transit through the Strait of Hormuz was disrupted. Crude prices rose approximately 3% during the week, while US Treasury prices came under pressure. The ECB noted in a report that euro-area household consumption declined markedly in the early stage of the conflict, and one forecaster projected that the UK economy could contract in 2027 should the strait remain closed. Following reports of forthcoming talks, WTI and Brent fell approximately 5.8% and 4.9% to USD 79.77 and USD 83.61 respectively.

II. Three Areas in Focus This Week

The areas below drew the most notable price moves and media coverage during the week. All content is a compilation of publicly available information.

🥇 1. Precious Metals: Gold Held Above USD 4,100; Silver at USD 57.97

As of the 31 July close, gold was quoted at USD 4,106.10 per ounce and silver at USD 57.97, up 0.31%, with copper up 0.70%. The US Dollar Index stood at 99.82 and ended July down more than 1%.

A commentary piece published by Investing.com on 1 August described a supply-chain link between AI-related demand and gold and silver. Other market commentary addressed precious metals price behaviour against a backdrop of uncertainty over the central bank policy path.

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🤖 2. Technology and AI Capital Expenditure: Mega-Cap Results Published; Dispersion Within the Sector

At the 31 July close, Amazon was up 15.32%, Alphabet (GOOGL) up 6.73%, Meta up 3.28%, Microsoft up 3.02% and NVIDIA up 2.93%. On the same session Apple fell 7.35%, Netflix 2.00%, Micron 5.90% and NXP 6.53%. The Nasdaq closed at 25,373.85, up 1.00%.

A commentary piece published by Investing.com on 1 August characterised capital expenditure figures from this earnings season as "the macro story of 2026". Goldman Sachs noted in a recent report that current AI-related risk sits with earnings rather than valuations.

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🇯🇵 3. Japan and the Yen: Sharp Currency Moves; the Nikkei Declined

USD/JPY was quoted at 156.934 on 31 July, down 0.30%, having previously traded in a range close to four-decade lows. The Bank of Japan stated that global AI demand could have a stickier inflationary effect. Bank of America described USD/JPY 155 as a critical level for the market in a report dated 3 August. Over the same period the Nikkei 225 fell 0.94%, the Hang Seng Index rose 0.48% and Korea's KOSPI fell 5.12%.

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III. Sources

The data and information in this report were compiled from the following publicly available pages:

• Yahoo Finance market data: https://finance.yahoo.com/markets/

• Investing.com stock market news: https://www.investing.com/news/stock-market-news

• Investing.com forex news: https://www.investing.com/news/forex-news

• Investing.com economy news: https://www.investing.com/news/economy

References to Reuters, the Financial Times, the Federal Reserve, Japan's Ministry of Finance, the European Central Bank, Goldman Sachs and Bank of America are drawn from the pages listed above rather than directly from those institutions' original publications. Market data are as of the close on 31 July 2026.

This report is a compilation of publicly available market information. The data and third-party views contained herein are for informational purposes only and do not constitute investment advice, an offer or a recommendation. Past fund performance is not indicative of future returns. Investing involves risk.