USD corrects further and Equities reshuffle – Market wrap for the North American session - July 22

[Ben Graham]

It has been the second day where North Americans see no particular market-moving data after last week's key releases, but this hasn't stopped the session from being volatile.

Today has seen some heavy reshuffling in stocks from Tech and Semiconductor Sectors to Healthcare, FInancial and Real Estate sector in what seems to be some closing of positions as we approach the Key earnings releases for some of the biggest names in American Markets: Tesla and Google earnings are awaited tomorrow.

The Nasdaq closes down 0.60% and the Dow up 0.40% – Even the Russell 2000 has seen some new flows towards the smaller-cap index in the session.

Except for these reshufflings, some further fears of FED's Powell getting ousted before the end of its term, some Hawkish RBA Minutes and a rejection of the top in USDJPY, the Greenback has been getting hammered.

Metals have also had a strong day, particularly with Gold, up close to 1.50% on the session, being back to $50 from its all-time highs. Palladium, Silver and Copper also have had a decent performance.

Other commodities and cryptos have been a bit more mixed in what seems to be more profit taking after a streak of good days.

Read More: Nasdaq slips on profit taking as markets await key Tech earnings

Daily Cross-Asset performance

Cross-Asset Daily Performance, July 22, 2025 – Source: TradingView

Ether is now the worst performing asset on the session with the ongoing general profit-taking seen in markets (same for Nasdaq), leaving some space for Bitcoin, Gold and US Treasuries to rally back.

The USD and European stocks have also seen quite a retracement today.

A picture of today's performance for major currencies

Currency Performance, July 22 – Source: OANDA Labs

The US Dollar had started the session on strong selling, particularly profiting to the Yen but the Japanese currency actually gave up some of its strength towards the NA afternoon.

The CHF and NZD which had lost some ground since the past week finish the session on top of majors.

Earnings Season: Who is releasing their numbers tomorrow

Earnings Calendar for July 23rd – Source: Nasdaq.com

Expect big names tomorrow, with AT&T releasing earnings at the pre-open, Google and Tesla will be releasing their own numbers after the close.

A look at Economic Data releasing in tomorrow's session

For more details, check out the MarketPulse Economic Calendar

Tomorrow's economic data releases should be relatively thin, with another focus on Australian data with their own PMI releases in the evening session at 19:00 and RBA Governor Bullock speaking at 23:05.

Still, do not forget the mid-tier Exisiting Home Sales at 10:00 A.M. in the US, but tends to not be a major market mover.

Safe Trades!

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