The main events by the morning: July 9

• The dollar has not been so bad for 52 years – since the beginning of the year, USD has fallen by 10% against other currencies. The dollar has not fallen so much in 6 months since 1973. The US currency is currently trading at its lowest level since 2022: the DXY index = $97.45. The second half of the year does not promise a rebound. The reasons for the devaluation still persist: policy volatility, "trade wars," rapidly growing government debt, and large budget deficits. A potential Fed rate cut is also adding fuel to the fire.

• Copper has updated a record against the background of duties in the United States. Copper futures on the Comex exchange soared by 13% — the highest since 1969 — after Donald Trump announced the introduction of a 50% duty on metal imports. The quotes reached a historic peak of $5.69 per pound. According to the Ministry of Trade, the measure will come into force in late July or early August. Amid the news, copper prices in New York are already 25% higher than in London. The main supplier of copper to the USA is Chile (about 70% of imports).

• The dollar may remain in the range of 85-86 rubles until the end of the year. This forecast is provided by VEB RF. According to Andrey Klepach, chief economist at VEB RF, "it would be good for businesses to return to 100 rubles per dollar," but this is unlikely to happen in 2025. The corporation also predicts that inflation in the Russian Federation by the end of 2025 will be 6-7%. 

• The trading volume of tokenized gold reached $19.2 billion in the second quarter of 2025, showing an eightfold increase. According to the data CEX.io assets like Pax Gold and Tether Gold have outperformed classic ETFs for the fourth quarter in a row. Analysts attribute the growth to global instability and demand for defensive assets. The number of XAUT holders increased by 151%, PAXG — by 25%.