Top Gainers and Losers: North American Markets Recap for May 29, 2025

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Log in to today's North American session recap - May 29, 2025

The US dollar gave back the lead it accumulated throughout the beginning of the week as it went through a volatile seesaw.

The DXY gapped up with the most recent "Trump Taco" headlines, as the US Federal Court canceled the president's plan to impose tariffs on all imports. The dollar index consequently dropped to levels last seen at the end of last week.

You can take a look at our latest DXY intra-day analysis here.

There wasn't much in terms of Economic calendar releases throughout the session apart from a miss in the Jobless Claims. The data came in at 240K vs 230K expected, though markets may really worry if the data consistently comes in above 260K.

There will be more earnings releases after the close including Costco, expected at $4.25 EPS and Dell, expected at $1.69.

Bitcoin extended its losses and is finishing the day below the mark of $106,000, down 1.92% on the day. Access to a deeper technical analysis for the BTC right here.

US Oil retraced yesterday's rally and is coming back towards the low of its $60.5 to $64 range, as the commodity rejected the highest levels since last Wednesday. WTI touched $63.47 but is finishing the day down 1.57%, at around $61.2.

A picture of today's performance for major currencies

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Currency Performance, May 29 - Source: OANDA Labs

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European currencies, having lagged throughout the beginning of the week, enjoyed from the weakness in the US Dollar.

The Euro is on top of majors today, up 0.69% and followed by the CHF and JPY both up 0.42% vs the USD.

All majors enjoyed from the fall in the dollar today, with only the NZD which had quite a strong performance finishing the day close to equal with the USD.
The RBNZ recently cut rates by 25 bps but announced a slower pace of cuts ahead.

Gold also enjoyed from the broad USD weakness coming back towards its weekly highs. The precious metal is trading at $3,341 up 0.60% on the day.

Economic Calendar for the May 30th Session

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MarketPulse Economic Calendar for May 29 and May 30th, 2025 (click to enlarge)

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The N.A session is coming to a close although there is still the Japan CPI expected to release at 19:30 E.T.

Japan’s CPI could also act as a catalyst for volatility, especially if the data surprises to the upside. A stronger-than-expected print may pressure the Bank of Japan to accelerate its policy shift. For now, no major moves are anticipated from the central bank until October. The year-over-year figure is forecast at 3.5%.

Friday will also be massive in terms of Economic Data release.

Overnight, there will be the release of German Retails sales but all eyes will be on the German CPI expected at 2.1% Y/Y, releasing at 8:00 A.M.

North-American data release will be starting at 8:30 with US Core PCE Data and Canada Q1 GDP numbers at the same time. Expect movement as the FED and markets players are all expecting to see how the data unfolds from tariff effects.

10:00 A.M. will also be important with the release of University of Michigan Consumer Confidence - look at inflation expectations as the theme of inflation is coming right back to move markets.

You may also consider the Chinese PMI data with the releases of Manufacturing expected at 49.5 and Non-Manufacturing expected at 50.6. We will see if there has been a lot of change with the rewiring of production since Trump's tariffs.

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