NATO deal concluded and Earnings season begins – Market wrap for the North American session - July 14

[Redator]

Log in to today's North American session recap for the July 14, 2025.

Today's flows have been a bit erratic, between a slow start in Forex that turned into another US Dollar rally, Cryptocurrencies, Bitcoin hitting new highs before retracting decently and Commodities taking a hit.

About the latter, it seems that some geopolitics are into play with Donald Trump and Vladimir Putin concluding another round of talks after the US President announced the conclusion of a major NATO deal promising new rounds of weapons for Ukraine to defend itself. The G20 meeting is also ongoing in Johannesburg, SA.

There has been some increased tensions in the Kursk Region around the headlines and Oil has been tanking since, closing the session down above 2%. WTI came shy of the $70 mark but just fell below the $67 mark in volatile selling momentum.

Natural Gas on the other hand has risen up above 3% after gapping up on its weekly Futures Open.

VIX Futures have went up despite a relatively Green session for Equities as the Earnings season officially commences tomorrow – major US Banks start the dance.

The UK FTSE 100 has by the way just made new All-time highs, coming just shy of the 9,000 mark (8,999.2 intra-day highs – broke the key level on its CFD).

Metals have also retracted in today's session in tandem, with all most traded Futures falling between 0.36% (Gold) and 3.50% (Platinum and Palladium).

The Winner of the session in terms of Commodities is Orange Juice, victim of yet another squeeze, with Markets seemingly concerned by US 50% Tariffs announcements over Brazil, a major exporter.

Read More: US CPI Preview – Potential reactions and Major Forex pairs overview

Daily Cross-Asset performance

Cross-Asset Daily Performance, July 14, 2025 – Source: TradingView

Most assets finish the session close to unchanged, with Bitcoin still up around 1.35% in the past 24 hours and US Oil being the laggard of the day, closing down 2.66%.

Markets are awaiting for tomorrow's US CPI release before moving further.

A picture of today's performance for major currencies

Currency Performance, July 14 – Source: OANDA Labs

Only the CAD and USD hold strong on the session as markets are awaiting for their respective national inflation releases, but Asia-Pacific currencies have on the other hand corrected after the previous weeks of outperformance.

A look at Economic Data releasing in the upcoming Session

For all Market moving events, check the MarketPulse Economic Calendar

Today's NA session had be void of any data release with markets only receiving Trade Data from China which came in positive overall, despite a drop to US Exports (as expected, exports will be getting rerouted through countries with less tariffs).

Tomorrow's session should be much more volatile however, marked by key Inflation data,. Canada and US CPI releasing at the same time (8:30 A.M. ET).

Canadian CPI is expected to release up 0.1% m/m and the US Data consensus is +0.3% for both its core and headline.

For Asia traders, do not forget another flurry of Chinese economic data releasing tonight after 20:00.

Tomorrow will also see the release of US Bank Earnings with JP Morgan, Wells Fargo, JB Hunt, BlackRock, Bank of New York and Citicorp.

Today was also the French National Day, so Bonne fête nationale to my French compatriots!

Safe Trades!

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