Market Wrap for the North American Session - July 3

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Log in to today’s North American session Recap for July 3, 2025

Today’s market action was driven by consecutive upside surprises in US Non-Farm Payrolls (147K vs 110K exp) and ISM Services PMI data (50.8 vs 50.5 exp), fueling another wave of positive sentiment and pushing US equities into yet another frenzied rally.

The reaction to the data was progressive but consistent, taking Safe-Havens like Gold and US Treasuries down, also dragging down the safer JPY and CHF.

In contrast, the risk-on session pushed upward risk assets, like Consumption Commodities – known in Finance as Softs, with Orange Juice and Sugar rallying above 6% and Cryptos additionally enjoying from the news.

The reaction in energy commodities was however mixed, with the assets rising initially before giving back their gains and closing down small.

Read More: After the NFP surprise, is the US dollar back in play?

Daily Cross-Asset performance

Cross-Asset Daily Performance, July 3, 2025 – Source: TradingView

The market's initial reaction to the number was somewhat tricky, as flows quickly changed between the 8:30 release and the US Equity open at 9:30 A.M.

Watch the reaction for cryptocurrencies for example, with ETH once again subject to high volatility in the session.

A picture of today's performance for major currencies

Currency Performance, July 3 – Source: OANDA Labs

The Pound was somehow the strongest of majors today, with Gilts majorly recovering from yesterday's volatility, seeing GBPUSD up small against the Dollar.

On the other hand, the USD led all majors (with the CAD unchanged) and particularly against its lower-yielding safe-haven currencies in the CHF (-0.50% vs USD) and the Yen (-0.88%).

Monday's reactions in the Dollar Index will be key to monitor (a formal invitation to consult our most recent DXY Analysis).

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

For all Market moving events, check the MarketPulse Economic Calendar

Tomorrow's session should be more than calm, with US Traders off, volumes and movement tend to be relatively subdued.
However, traders should still prepare for an active Monday as some of the flows from today may trickle to next week as today's session got cut short with the Early US Close.

The only economic calendar events tomorrow are the German Factory orders and European PPI Data which might move the Euro a bit.

Safe Trades and Happy Independence Day for our American Fellows!

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