Market recap for the North American session - June 17

[Redator]

Log in to today’s North American session Recap for June 17.

Today's session has seen a major reversal in sentiment, with headlines about the US potentially entering the conflict between Israel and Iran. US Presient Trump left the ongoing G7 meeting and went back to Washington.

Oil rallied by $3.5 as markets are re-taking what they gave yesterday. The energy commodity is trading around $75 – ~$1 from levels attained as the war headlines hit the markets on Thursday evening.

The VIX is higher by 10% and Equity Indices down shy of 0.5% on the session and the S&P 500 is back below the 6,000 Key mark.

Gold is also a surprise performer today as it finishes close to unchanged but down small despite the more dramatic mood in markets, with the US 30-Year bond grabbing its seat.

The 30-Year Bonds are up close to 1% on the day.

Read more: US Dollar marks an intermediate low as Israel-Iran tensions pursue

Daily Cross-Asset performance

Cross-Asset Daily Performance, June 17, 2025 – Source: TradingView

A picture of today's performance for major currencies

Currency Performance, June 17 – Source: OANDA Labs

The US Dollar is back on top of majors in a typical risk-off Forex Currency board, with the JPY and CHF following closely.

The Pound is the worst performer of the day (-1.14%) as markets brace for tomorrow's UK CPI data.

Other commodity currencies like the AUD, NZD and CAD have also down about -0.80%m dragged by the negative sentiment around markets.

A look at the Economic Calendar for tomorrow's session

For all market-moving economic releases and events, see the MarketPulse Economic Calendar

The calendar is quite full for tomorrow session, starting with UK Inflation data as mentioned before, with the y/y Core data expected at 3.6% – The release is at 2:00 A.M E.T.

At the same hour, markets will see the release of the UK Retail Price Index expected at 4.7% for the year-on-year data.

Expect a flurry of Central bank speakers with close to 10 ECB Governors speaking at the Young Factory conference in Milan, Italy.

BoC Governor Macklem will also be speaking at 11:30 A.M for Loonie traders.

This would only be considered as an "entrée" for traders as markets are bracing for the June FOMC Rate Decision.

No change to the Monetary Policy is expected but as for any Quarterly Meeting (Other quarterlies in December, March and September), we will see the release of SEP, the FED's economic projections.

The Rate Decision and Projections are released at 14:00 E.T. and FED's Chair Powell will be speaking at 14:30. Expect a lot of volatility.

Safe Trades!

Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© {CURRENT_YEAR} OANDA Business Information & Services Inc.