FED Members views diverge, another BTC ATH – Market wrap for the North American session - July 10

[Redator]

Sentiment has been once again broadly positive, despite not being the most optimistic we've had after the consecutive weeks of strictly euphoric mood.

We've had a few comments from FED members after yesterday's FOMC Minutes release, with Musalem coming up with some hawkish comments on effects of Tariffs while Waller and Daly decided to overlook the long-term impact of a one time rise, tilting more dovish.

It is normal towards the end of a Central Bank Cycle to get some diverging views, but this one is tricky, with particularly new conditions in the United States.

On the other side of the world, Pacific currencies in the AUD and NZD have had a decent run higher despite some rise in the USD – this comes after the surprise pause at the most recent RBA meeting, participants are starting to look at potentially more hawkishness by Pacific CBs and a still not-too-bad global outlook, helping such commodity currencies.

Cryptos are blazing hot in today's session, in another market turn towards tech (particularly cryptocurrencies – Nasdaq has for the first time this week underperformed other indices).

Bitcoin is currently marking new all-time highs (trading above 113,000), Ethereum is above $2,800 and other altcoins are loving it.

Read More: Bitcoin reaches fresh all-time high in market-wide breakout — what’s next?

Daily Cross-Asset performance

Cross-Asset Daily Performance, July 10, 2025 – Source: TradingView

Cryptos are on top, Oil is struggling despite the announcement of an OPEC pause (Oil has been fading its own news quite a lot these past few sessions) and other assets are closed to unchanged.

A picture of today's performance for major currencies

Currency Performance, July 10 – Source: OANDA Labs

After a slow start to the session, the afternoon saw much more movement, particularly from the AUD rising strongly, leaving European currencies lagging (a reversal of yesterday's movements)

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 fairly light in action, however CAD traders will get some movement with the upcoming employment data release at 8:30 AM, expected unchanged.

For the rest, look at a few mid-tier data releases for the UK and the Monthly budget from the US which might be interesting to start looking in detail with the mess from the Trump Administration and the validation of the Big Beautiful Bill.

Also do not forget potential week-end risk moves, even though the geopolitical landscape has been calm for a while.

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.