All about the US Dollar – Market wrap for the North American session - July 15

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Log in to today's North American session recap for the July 15, 2025.

Today's session has seen some bizarre reactions to an all-around better-than-expected US CPI data – As a reminder US Headline CPI came in almost as expected (0.287 unrounded Headline vs 0.30% expected).

The Core number was however the more welcomed surprise, coming in at 0.2% (0.227%) vs 0.3% expected – This is what the FED prefers for their decisions.

Still, an initial slow but upwards reaction got followed by some selloff in Bonds hence higher Yields (unusual when CPI misses, even slightly) and a similar turn in Equities: The Dow started the fall which trickled down to S&P then the more resilient Nasdaq towards the afternoon. These market flows will need to be followed closely as such price action is not a good sign for risk-assets. (Except for cryptos which performed well).

As the title explains it, it's all about the US Dollar, which started off more than mixed at the data release, before exploding towards the US Equity Open.

The USD closes higher by around 0.70%, with the DXY hitting monthly highs of 98.70.

The Canadian CPI also came out as expected, still up on a year-over-year basis (1.9% vs 1.7% last month) – This unloads further the chances of more rate cuts by the Bank of Canada.

Most commodities finish down or mixed as the US Dollar didn't leave much for others on the table – Tomorrow will be key to track if this move as some legs to it.

In the meantime, sentiment appears to have taken a hit, at least in terms of Technicals.

Read More: Bitcoin retracts, Altcoins shine in unusual reactions to US CPI

Daily Cross-Asset performance

Cross-Asset Daily Performance, July 15, 2025 – Source: TradingView

The winners of the day are the ETH, continuing the past two weeks' trend and the US Dollar from which the rally killed the fun of many other Major currencies (see below) and assets.

Even Bitcoin finished down on the session, but the entire altcoin market did not care too much.

A picture of today's performance for major currencies

Currency Performance, July 15 – Source: OANDA Labs

The session started very quiet before the US Dollar took back the throne after the publication of the US CPI.

One thing however was the relative strength of the Canadian Dollar in this trend which will have to be kept close as EURCAD for example is forming some potentially interesting patterns.

Another session, another losing day for the Japanese Yen – its underperformance has been remarkable which may prompt some reactions from the BoJ. In the absence of such, expect the ongoing USDJPY Breakout to continue (Today's session saw the break of a 2-months range).

Earnings Season: Who is releasing their numbers tomorrow?

Earnings Calendar for July 16th – Source: Nasdaq.com

Expect earnings from Johnson and Johnson, Bank of America, Morgan Stanley and Goldman Sachs.

A look at Economic Data releasing in the upcoming Session

For all Market moving events, check the MarketPulse Economic Calendar

Tomorrow's session will be quite eventful, starting in the overnight session with the UK Inflation data releasing at 2:00 A.M. ET (exp 0.2 m/m).

Running towards the NA Session, Markets will observe another round of inflation data with the Monthly PPI report (exp at 0.2% also), releasing at 8:30 A.M.

Finally, in terms of high-tier data, Yen traders will need to stay in front of their charts tomorrow evening with the Japanese Balance of Trade data releasing at 7:50 P.M.

And also, do not forget the Australian Employment Data at 21:30.

Safe Trades!

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