Log in to today’s North American session recap for July 31, 2025.
Market saw another leg higher in the US Dollar after the Core PCE came above expectations (0.3% vs 0.2% exp m/m).
Despite pushing back some tariff deadlines with Mexico notably, Equities still finish the session in the red – This comes amid some technical resistances (high of channel for the Nasdaq) that coincides with some profit-taking right before tomorrow’s Non-Farm Payrolls.
You can access our preview of tomorrow’s data release right here.
Donald Trump also sent letters to healthcare CEOs menacing them to strongly cut prices on drugs, this may have an effect on expected EPS for Healthcare and Biotech companies.
It seems that the combination of technicals right before the Non-Farm Payrolls release dominated the price action today, and this comes despite very solid earnings from Amazon. The market still awaits the Apple earnings.
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Daily Cross-Asset performance
There hasn’t been many records beaten today, as expected in a pre-NFP session and particularly as US PCE inflation comes in strong again.
Watch how risk assets progressively gave up their progress throughout the session (ETH and Nasdaq particularly).
Gold however enjoyed the session, rallying back a bit but still trading just below the $3,300 key mark – Other commodities keep rejecting their highs, even the strong performing Oil.
A picture of today’s performance for major currencies
The USD had another strong day but two things changed compared to yesterday’s picture: The CHF fought well and is finishing on top of majors and this comes at the cost of the JPY, weakest of majors.
There is some more rebalamncing between the two safe-haven currencies after the Bank of Japan disappointed Yen bulls yet again.
Earnings Season: Who is releasing their numbers tomorrow
It will be interesting to see what Regeneron (Healthcare company) announces in terms of their earnings previsions after Trump’s announcement.
Don’t forget to check out the Berkshire-Hathaway earnings (Warren Buffet recently retired for those who didn’t know) and Exxon’s earnings.
A look at Economic data releasing in tonight and tomorrow’s sessions
The calendar is absolutely packed tomorrow, especially for US Data.
Don’t forget the Chinese Caixin PMIs, Australian PPI and Japanese unemployment tonight.
Safe Trades!
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