After a volatile past day session, this one was way calmer as Trump announced yet another delay in tariff deadlines – From the approaching July 9th to August 1st, apparently the final warning.
The session began with the leading to the upside, followed by general mean-reversion all across asset classes. It seems that participants will be awaiting more headlines/economic data before moving further.
The biggest winner of the day was , which got propped up by the latest announcement of 50% tariffs on all US Imports – CME Futures finish the session up close to 10%, marking session highs at $5.89.
Other metals and cryptocurrencies finish the day mostly higher but by a small margin, benefiting from the afternoon USD selling – Only finished down close to 1%.
Daily Cross-Asset Performance
Source: TradingView
continues outperforming other assets, and Gold is at the other end of the performance spectrum.
Other assets are all contained within a +/- 1% range, with the USD giving back its overnight/morning upside after the latest tariff pushback.
A Picture of Performance for Major Currencies
Source: OANDA Labs
The trend continues with yet again being the weakest of majors, and the profiting from the unexpected Rate Hold.
The day had started with the Greenback leading against every other of its major counterparts, but gave back its lead on a short-term breakout rejection. The Dollar still broke above its May Weekly descending Channel, a story that needs to be monitored closely.
A look at the Economic Data release
Except for tonight’s 9:30 Chinese (not very market-moving) and 10:00 P.M. RBA Rate Decision, the calendar for today’s session will not see much in terms of economic data releases.
Still, brace up for ECB Speakers all around today session, and the releasing at 2:00 P.M. today which, in the absence of much recent communication from the , may this time move markets – despite being marked as a high-tier release, it tends to be a snoozer most times as usually, nothing new is being said compared to previous communications.
Safe Trades!