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Weekly Update 21 Jul 2023

National currencies and cryptocurrencies fell, and other asset classes were mixed but mostly lower. The largest gains were in cotton, up 2.6%, palladium, up 2.1%, and crude oil, up 1.8%. The worst losses were in copper, down 3.4%, the Nikkei index, down 2.7%, and Ethereum, off 2.6%.

National currencies were all in the red, led by the Japanese Yen, which fell 2.5%. The Euro also declined sharply, dropping 1.4%. The US Dollar slid 0.4%, as did short term notes, but long term bonds outperformed, rising 0.1%.

Most cryptocurrencies pulled back, led by Ethereum, down 2.6%, and Bitcoin, down 1.7%. The broader CCi30 index declined 0.3%. Some smaller cryptos like Monero (not in table, up 0.7%) did make gains.

US stock markets did well, as the Dow Industrials rose 1.7%, and the S&P 500 advanced 0.3%; but the Nikkei 225 fell 2.7%, and the Euro STOXX closed down 1.0%. Gold stocks also declined, giving up 1.4%.

Some of the week's best gains and worst losses were in commodities. Cotton rose 2.6% and palladium gained 2.1%, but copper fell 3.4%, and platinum dropped 2.0%. Crude oil rose 1.8%.

Over the last 5 years, most assets are strongly in the red. The main exceptions are Ethereum, up 163.0%, and Bitcoin, up 152.7%. The S&P 500 also managed a gain of 1.5%, and silver has held its head above water with a 0.8% gain. The worst losses are concentrated in national currencies and bonds, led by the Japanese Yen, down 50.5%, long term US treasuries, down 42.4%, and the Chinese Yuan, down 41.8%.

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