Market Wrap for the North American Session - June 24

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Log in to today’s North American session Recap for June 24, 2025

Today was a heavily risk-on session with Equity indices on top of the board, with the Nasdaq notably attaining new all-time highs (currently trading right around the ATH).

All currencies are leading against the US Dollar, which got sold off aggressively as markets are now moving away suddenly from the conflict that lasted about 12 days – Too much for a market that seems to only go upwards since April.

One particular dynamic of today's session is the top performers in Forex that are seen as the typical safe-haven currencies – The Japanese Yen and the Swiss Franc are both finishing the day up around 1% against the USD.

Other Safe-Haven assets like gold got sold off pretty aggressively, with the precious metal trading more than 3.70% from its war-highs (currently 3,320 vs 3,450 – ATH is at 3,500).

The worst performer in post-war flows is US Oil that gave back all of its premium and more: The energy commodity is trading back to the highs of the May monthly range, around $66 after touching $64 lows – As a reminder, Oil was trading from $72 to $75 for the past week – Trump posted on Truth Social that the US may lift the sanctions imposed on Iranian exports to China.

Read More: US Dollar slides on de-escalation of Iran tensions

Daily Cross-Asset performance

Cross-Asset Daily Performance, June 24, 2025 – Source: TradingView

A picture of today's performance for major currencies

Currency Performance, June 24 – Source: OANDA Labs

The Canadian Dollar has lagged particularly against other majors except for the relatively weaker US Dollar, as Canadian CPI came at 0.6% month-over-month, a huge increase to the monthly inflation data.

Another aspect is the underperformance of Oil, one of the biggest exports for the Canadian Economy, which tends to correlate with CAD Performance.

The two top performers of today had been lagging against the Greenback in the past few sessions and sparked more than a V-Shape reversal – the CHF and particularly the JPY recovered most of what they had lost against the USD.

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

For all Market moving events, check the MarketPulse Economic Calendar

Tomorrow will once again be mostly focused on Central Bank speeches, with Powell's second part of his US Congress Semi-Annual Testimony and Bank of England speakers with Lombardelli and Pill at the CCBS 'Transforming monetary policy' conference in London, UK.

Also, do not forget tonight's Australian CPI data expected at 2.3% y/y. The inflation data releases tonight at 21:30 ET and will be key to the pricing of more or less cuts for the RBA, which has the potential to influence the V-Shape recovery in AUD/USD.

Safe Trades!

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