Market Wrap for the North American Session - June 23

[Redator]

Log in to today’s North American session Recap for June 23, 2025

Markets saw intense swings in sentiment and price action during today’s session. The Sunday evening open brought sharp gaps across multiple asset classes, including oil, equity indices, and major forex pairs.

The most significant development came again from the Middle East, as Iran launched a ballistic missile strike targeting the Al-Udeid U.S. military base in Qatar—the largest American base in the region. All missiles were reportedly intercepted by Qatari air defenses. Markets interpreted the move as a largely symbolic gesture rather than a serious escalation.

Initially, the attack triggered classic risk-off positioning, but sentiment quickly reversed as investors reassessed the limited impact. By the afternoon session, much of the early war-driven market reaction had been unwound.

The U.S. Dollar played a central role in the day’s volatility, gapping higher at the open. The Dollar Index (DXY) surged to 99.40 during the Asian session—levels not seen since the end of May—before retracing sharply to close near 98.40.

Read More: Oil retreats after a gap up as US Intervention sends markets into motion

Equity and Cryptocurrency markets were the biggest losers of the session until 12:00 P.M., with notably the S&P 500 (CFD) seeing more than 100 points of movements attaining a low of 5,929 in the overnight session and currently heading to a close around 6,030.

Bitcoin had also gapped lower to $99,000, levels last seen in the beginning of May before reversing sharply to the current levels at $104,000 – ETH also lost 10% in overnight before recovering to down 4%, closing just above $2,300.

Oil is certainly the biggest loser of the day, down close to 9% on the session and still counting – The fall is quite large, retesting levels seen right before the initial Israel attacks on Iran around $68.80.

Some Charts to see the extent of today's volatility

US Oil Intra-Day

US Oil 30m Chart, June 23, 2025 – Source: TradingView

S&P Intra-Day

S&P 30m Chart, June 23, 2025 – Source: TradingView

Bitcoin Intra-Day

BTC 30m Chart, June 23, 2025 – Source: TradingView

Dollar Index Intra-Day

DXY 30m Chart, June 23, 2025 – Source: TradingView

All types of support and resistance levels will have to be redrawn after today's session, particularly in Oil.

Daily Cross-Asset performance

Cross-Asset Daily Performance, June 23, 2025 – Source: TradingView

A picture of today's performance for major currencies

Currency Performance, June 23 – Source: OANDA Labs

You may observe the major swings happening around 13:00 as Iran's attack failed to scare markets.

The USD was the biggest winner of the day and finishes down the most, close to tied with the JPY – The CHF is still finishing the highest on the NA Session as not all Safe-Haven assets were subject to such reversals

A look at Economic Data releasing in tonight and tomorrow's session

For all Market moving events, check the MarketPulse Economic Calendar

Except for any new development in the Middle East, markets should be back to focusing on Economic Data and Central Bank Speakers.

The overnight session will see the release of a few Sentiment surveys from Germany (mid-tier data).

However, most of the action will be for North American traders, with the Canadian CPI releasing at 8:30 A.M. (expected at +0.5% m/m), followed by the first part of Jerome Powell's Semi-Annual Testimony at 10:00 A.M. which may move markets, particularly with Trump's recent comments on the FED Chair (the US President is not happy with the FED respecting their dual-mandate, he's lobbying to see cuts)

Safe Trades and keep watching for any unexpected developments in the Middle East!

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.