Another tariff delay – Market wrap for the North American session - July 8

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Log in to today’s North American session Recap for July 8, 2025


After a volatile past day session, this one was way calmer as Trump announced yet another delay in tariff deadlines – From the approaching July 9th to August 1st, apparently the final warning.

The session began with the US Dollar leading to the upside, followed by general mean-reversion all across asset classes, it seems that participants will be awaiting for more headlines/economic data before moving further.

The biggest winner of the day was Copper which got propped up by the latest announcement of 50% tariffs on all US Imports – CME Futures finish the session up close to 10%, marking session highs at $5.89.

Other metals and cryptocurrencies finish the day mostly higher but by a small margin, enjoying from the afternoon USD selling – Only Gold finished down close to 1%.

Read More: Preparing for tonight's RBNZ Rate Decision

Daily Cross-Asset performance

Cross-Asset Daily Performance, July 8, 2025 – Source: TradingView

Ethereum continues outperforming other assets and Gold is at the other end of the performance spectrum.

Other assets are all contained within a +/- 1% range, with the USD giving back its overnight/morning upside after the latest tariff pushback.

A picture of today's performance for major currencies

Currency Performance, July 8 – Source: OANDA Labs

The trend continues with Japan yet again being the weakest of majors and the AUD profiting from the unexpected Rate Hold.

The day had started with the Greenback leading against every other of its major counterparts but gave back its lead on a short-timeframe breakout rejection – The Dollar still broke above its May Weekly descending Channel, a story that needs to be monitored closely.

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

Except for tonight's 9:30 Chinese CPI (not very market moving) and 10:00 P.M. RBA Rate Decision, the calendar for tomorrow's session will not see much in terms of economic data releases.

Still, brace up for ECB Speakers all around tomorrow's session, and the FOMC Minutes releasing at 2:00 P.M. tomorrow which, in the absence of much recent communication from the FED, may this time move markets – despite being marked as a high-tier release, it tends to be a snoozer most times as usually, nothing new is being said compared to previous communications.


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