What to watch in the US session

The crypto rally carries straight into the U.S. session — Bitcoin perched above $71,000, regulators signaling rule clarity with or without the CLARITY Act, and ETF inflows at their strongest since early May. So far, it's a continuation, not a reversal; the marquee act hasn't left the stage, it's just turned the volume up. The counter-melody remains the bond market, with JPMorgan again warning that Treasury buybacks could eventually push yields higher — a thread that tugs against the falling-yield tailwind.

The data slate hands the microphone to medium-prints: Philly Fed manufacturing and weekly jobless claims take the spotlight — one a factory pulse check, the other a fresh labor-market snapshot. Canada's producer and housing price indices, the CB Leading Index, and natural gas storage fill the low-impact corners.

The barometer is mostly quiet, with the euro and pound leaning bearish on soft momentum, USD/JPY constructive on firm dollar strength, and gold, oil, and the cryptos balanced. Watch whether the crypto rally broadens or settles into consolidation, and whether a claims or Philly Fed surprise finally stirs the flat FX pairs. And keep an eye on that bond-yield tension — if yields push higher, the wind behind crypto could shift direction.