Market Wrap for the North American Session - July 2

[Redator]

Log in to today’s North American session Recap for July 2, 2025


Today's session wasn't as quiet as yesterday – Between a major Miss in ADP which initially sent markets lower (-33K vs 95K expected) and another turmoil in UK Politics sending GBPUSD down close to 1%, markets got some action.

The Dow was leading in the pre-morning session as the private employment report released this morning at 8:15 sent markets lower, however sentiment got lifted from the announcements of more US Trade deals – Since, the Nasdaq took back the lead on the session and left the US 30 lagging behind.
By the way, the S&P just hit new All-time highs towards the end of the session.
The Russell 2000 is the leader of the day, up 1.40% on the session.

Commodities and Cryptocurrencies also appreciated quite well from the most recent trade deal headlines with all energy commodities up above 1%, with WTI up close to 3%.

Metals also rallied quite strongly with Platinum and Palladium continuing their uptrends along with Cryptocurrencies doing some heavy lifting – Bitcoin just breached the $110,000 mark again for the first time since June 11.

Read More: July Non-Farm Payrolls preview

Daily Cross-Asset performance

Cross-Asset Daily Performance, July 2, 2025 – Source: TradingView

Ethereum really has been volatile this week compared to other assets, the second biggest crypto is back on top of the daily performance, with the US 30Y Bond being the lagger of the day, suffering from the upbeat sentiment.

A picture of today's performance for major currencies

Currency Performance, July 2 – Source: OANDA Labs

The Pound suffered from the latest mess-up from the UK House of Commons that sent gilts tumbling in another UK Bond market turmoil.

On the other hand, Loonie recovered from yesterday's selling flows as Canadian traders came back racing from their National Day break, as it finishes the highest of all majors – GBPCAD is down 1.24% on the day with these flows.

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

For all Market moving events, check the MarketPulse Economic Calendar

Tomorrow's NA Session calendar is packed, with the July NFP release at 8:30 AM and the market-moving ISM Services PMI.

The session is not finished for AUD traders who can't forget their PMI data releases at 7:30 P.M and the Australian Trade Balance data released in tonight's session at 9:30 P.M.


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.