Selling-the-news in the waiting of the July FOMC – Market wrap for the North American session – July 29

Log in to today’s North American session recap for July 29, 2025.

Market flows have been chaotic in the past two weeks of trading, from a renewed selloff in the USD to its ongoing recovery (the DXY still showed a small resistance towards the beginning of the afternoon).

This move in the Greenback has largely influenced FX markets, and it is starting to trickle down to risk assets, with some profit-taking in Equities and Cryptocurrencies—watch for the formation of some intermediate tops.

The apprehension is comprehensible: The FOMC July Rate Decision is happening tomorrow and Equity Markets are entering a phase of key earnings for Microsoft and Meta after today’s close, followed by Apple, Amazon, and Mastercard the day after.

The ongoing Earnings season is robust; nevertheless, there is still profit-taking at the highs.

It’s key to mention that Markets are also getting ready for the Bank of Canada (9:30 A.M. ET and later in the evening Bank of Japan rate decisions (Between 19:00 to 20:00).

A bigger theme that seems to be drawing is a sell-the-fact trade relating to the fast-forwarded uptrend in Stocks after the Liberation Day troughs — Are markets regaining anxiety about the actual impact of tariffs despite Trade Deals being reached?

Watch the US Dollar for the upcoming weeks. July is concluding with what resembles a shake-up to the financial flows of the first half.

Read More: EURUSD selloff deepens as yearly highs fade from view

Metals have held decently after marking some intermediate tops but the Commodities to look at right now are linked to Energy.
Oil prices have been rallying consequently since the weekly open and this comes as Markets are starting to fear the consequences of supplemental sanctions on Russian exports.
For the rest, US Bonds are making a strong comeback today after rebounding on a key trendline with the 30Y up 1.25%, a rare sight as of late;
However Equities are showing a few signs of weakness – You can check our latest US Indices intraday technical analysis to get your levels for the upcoming session.

Today marks another day of European currencies underperformance against other majors (The NZD isn’t doing too great also as of late).
The USD had started the day very strongly but has retracted a bit after hitting monthly highs (99.15 top and consolidating around its highs close to 98.90).
You can take a look at the JPY also which has overperformed most of the other majors, as a lot of negative talk on its weakness looks to have had some impact (profit-taking?)

It cannot be emphasized enough how important will tomorrow’s session be, between the July FOMC and right after the close, the earnings release for Microsoft and Meta.

The session is not over for AUD Traders which still are awaiting the releases of the Australian Inflation data tonight (21:30 ET).
But this will be pale in comparison to the upcoming session:
It was mentioned in the introduction but we will get Rate Decisions from the Bank of Canada (9:30 A.M), the FOMC (14:00 ET) and the Bank of Japan later in the evening.
By the way, ADP Private Employment data is releasing at 8:15 in the morning but eventual spikes might calm down before the huge sets of events coming after.
Safe Trades and good luck for the upcoming session!

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