The Australian dollar rose against most major rivals on Monday on strong demand on commodity currency as the US dollar weakened. 

It comes despite a 1% loss in gold’s price, with the Aussie normally attached to gold as one of the most important Australian exports.

The AUD/USD price rose 0.7% as of 20:42 GMT to $0.653.

Loonie

The Canadian dollar rose 0.1% against its US counterpart as of 20:42 GMT to $0.7369.

US Dollar

The dollar index fell 0.1% as of 20:27 GMT to 98.98, with a session-high at 98.3, and a low at 97.6.

US President Trump expressed hope that both sides reach a ceasefire, but added that countries sometimes need to "fight it out" first, and asserted continuous US support for Israel.

German Chancellor Friedrich Merz expressed hopes that G7 leaders meeting currently in Canada could reach an agreement to contain the conflict.

Iranian officials told western media that their country can't negotiate a ceasefire if Israel continues its attacks.

Investors also digested disappointing manufacturing data released earlier today ahead of the Fed's policy decision tomorrow.

The markets fully expect the Fed to maintain interest rates unchanged.

US stock indices surged by over 1% today on optimisim that the Iran-Israel conflict could be contained.

US President Trump expressed hope that both sides reach a ceasefire, but added that countries sometimes need to "fight it out" first, and asserted continuous US support for Israel.

German Chancellor Friedrich Merz expressed hopes that G7 leaders meeting currently in Canada could reach an agreement to contain the conflict.

Iranian officials told western media that their country can't negotiate a ceasefire if Israel continues its attacks.

Investors also digested disappointing manufacturing data released earlier today ahead of the Fed's policy decision tomorrow.

The markets fully expect the Fed to maintain interest rates unchanged.

On trading, Dow Jones rose 1.1% to 42,640 points, while S&P 500 rallied also 1.1%, as NASDAQ added 1.3%.

 MicroStrategy's Chairman Micheal Saylor announced a new round of bitcoin purchases on Monday amounting to 10,100 units, raising the company's total holdings to a new record high.

The purchase occurred between June 10 and 15, with the company spending $1.051 billion in total, averaging $104,080 per unit.

Following this new acquisition, the company's holdings are now up to 582,100 bitcoins, averaging $70,662 per unit with a total value of $41.84 billion.

Saylor has committed to an aggressive strategy of buying up bitcoins to store value, with the aim of collecfing over $42 worth if bitcoins in the next three years.

Metaplanet

Japan's Metaplanet also continued to expand bitcoin purchases, adding 1112 units worth $117.24 million averaging $105,435 per unit.

Following the new round, the company's total holdings are now up to 10,000 bitcoins totalling $946.96 million

Bitcoin showed signs of recovery today after a short correction last week, but the sentiment remains cautious as the Iran-Israel war flares up.

Bitcoin is up 2% so far today at $106.9 thousand on Coinmarketcap.

Despite the geopolitical headwinds, institutional demand on bitcoin remains strong with Japan's Metaplanet adding 1100 bitcoins to its reserves, while bitcoin ETFSs received over $1.37 billion of investments last week.

Bitcoin underwent a sharp correction on Thursday to a low if $102,664 as the Israeli conflict with Iran blew up.

Israeli continues to targer Iran with heavy air strikes aiming at the nuclear and military infrastructure of the country and promoting Iranian retaliation.

Despite the headlines, the markers remained relatively calm, with global stocks gaining ground and oil prices rising as well.

Safe havens such as gold dipped today while high risk assets such as bitcoin gained mild ground.

Institutional demand on bitcoin remains strong with Metaplanet purchasing 112 thousand units today m, raising the total reserves to 10,000 bitcoins.

Technically, some analysts are still expecting a downward correction potentially below $100,000 as bulls potentially lose steam due technical resistance.

RSI indicators are showing volatility near the 50 neutral levels.

MACD is outright negative and likely supports a downward scenario.

However, the price could surprise us with resilience and surged towards the coveted $112,000 record high once more