Week Ahead: 3 hot assets to track – Ethereum, US30 & USDJPY
10th July
Key takeaways
Ethereum ↓ 40% in YTD, 60% + away from ATH
Financials make up 27% of the US30 weight
USDJPY lingering near danger intervention zones
Lukman Otunuga
Head of Market Research
Markets don't get weeks like this very often.
Key US inflation data, Fed Chair Warsh in front of Congress, Wall Street's biggest banks reporting earnings and geopolitical risk humming in the background.
These events may spark heightened levels of volatility which may present fresh trading opportunities.
Monday, 13th July
- USD: US federal budget balance
- OIL: OPEC releases its Monthly Oil Market Report.
Tuesday, 14th July
- AUD: Australia consumer confidence, business confidence
- CNY: China trade
- JPY: Japan industrial production
- USD: US June CPI, Fed Chair Kevin Warsh
- US30: JPMorgan, Goldman Sachs
- US500: Citigroup, Wells Fargo, Bank of America earnings
Wednesday, 15th July
- CAD: BoC rate decision
- CNY: China GDP, retail sales, property prices, industrial production
- EUR: Eurozone industrial production
- JPY: Japan machinery orders, tertiary industry index
- USD: US empire manufacturing, PPI, Fed Beige Book, Fed Chair Kevin Warsh testifies
- US500: Morgan Stanley, United Airlines earnings
- EU50: ASML earnings.
Thursday, 16th July
- GBP: UK industrial production, trade balance
- USD: US business inventories, retail sales, initial jobless claims, pending home sales
- Netflix and TSMC earnings.
Friday, 17th July
- EUR: Eurozone CPI
- NZD: New Zealand food prices
- USD: US housing starts, University of Michigan consumer sentiment, industrial production
Here are 3 assets that could see significant price swings:
Ethereum
It’s been a rough and rocky year for Ethereum.
Down nearly 40% year-to-date and over 60% from its August 2025 all-time high of $4,954 -Ethereum is trading around $1,775, a level that would have seemed unthinkable 12 months ago.
The culprits are familiar: ETF outflows, a hawkish Fed under Warsh showing zero interest in cutting rates, and the CLARITY Act stalling in Congress just when crypto markets needed regulatory certainty most.
Citi has already cut its 12-month price target, and 27 of 31 technical indicators are flashing sell. This is maximum pain territory.
But here's the thing — this week's CPI report could flip the script entirely.
- Cool inflation = rate hike fears ease = risk appetite returns = ETH gets a bid.
- Hot inflation = hike bets spike = dollar surges = ETH tests $1,500.
US30
Q2 earnings season kicks off Monday July 14 and the banks go first. JPMorgan, Goldman Sachs, Citigroup, Wells Fargo and BlackRock all report before the opening bell. Morgan Stanley follows on the 15th.
Financials make up roughly 27% of the US30 which means these aren't just earnings reports, they're market-moving events.
JPMorgan alone is forecast to report EPS of $5.62, up nearly 10% year-on-year.
The sector is expected to deliver 10-12% earnings growth overall, driven by loan growth, resilient credit and robust trading revenues after months of market volatility.
Beyond the numbers, listen to what the bank chiefs say about the macro outlook. When Jamie Dimon talks, markets listen. A cautious tone on the economy or credit quality could hit the US30 harder than any earnings miss.
- Beat expectations = US30 pushes higher.
- Disappoint or sound cautious = financials drag the index lower
USDJPY
USD/JPY is flirting with levels not seen since 1986, peaking at 162.84 this week. Tokyo has already intervened twice this year and the language from Japanese officials hasn't changed: they are "ready to respond at any time."
This week adds more fuel - high-impact Japanese data and multiple Fed speakers including Warsh himself could push the pair in either direction fast.
Bloomberg's FX model puts an 82.5% probability on USD/JPY trading within 159.68–163.16 this week. That's a 350-pip range. Plenty of room for a violent move in either direction.
- Push above 163.00 = Tokyo steps in = hundreds of pips drop in minutes.
- Hold below 162.00 = pressure eases = yen shorts stay on.
Frequently asked questions
Ethereum ↓ 40% in YTD, 60% + away from ATH
Q2 earnings season kicks off Monday July 14 and the banks go first. JPMorgan, Goldman Sachs, Citigroup, Wells Fargo and BlackRock all report before the opening bell.
USD/JPY is flirting with levels not seen since 1986, peaking at 162.84 this week. Tokyo has already intervened twice this year and the language from Japanese officials hasn't changed.