Dow Jones close to its ATH and Crypto corrects – Market wrap for the North American session - July 23

[Redator]

Log in to today's North American session recap – July 23, 2025.

Today’s session has been marked by some positive news all around.

Between yesterday evening’s announcement of a US-Japan Trade Deal, rumours of ongoing constructive talks between the US and Europe, and the ongoing Russia-Ukraine talks in Istanbul, Turkey, that could bring the conflict closer to its end as we approach Trump’s ultimatum, which would see Russia’s trading capacities impaired even more.

Stock markets had opened a mixed as markets prepare for the Alphabet (Google) and Tesla releases with the ongoing two sessions of profit taking in Nasdaq and rewiring of these flows towards the Dow Jones.

Almost all most traded indices are however closing higher and by a fair margin, with Japan's Nikkei 225 up 4.54%, and EuroStoxx closing up 2.38%.

The Dow Jones is closing about 30 points from its all-time highs, a move that had been anticipated. It has been close to two months of consolidation near the highs while the Nasdaq and S&P 500 have been flying higher.

Read More: Pump-fake from the US Dollar — North American Mid-Week Market Update

Daily Cross-Asset performance

Cross-Asset Daily Performance, July 23, 2025 – Source: TradingView

The Ethereum (-3.20%) is once again the laggard of the day, and dragging the rest of the major altcoins with it.

Altcoins hitting their highs hasn't been welcomed by profit-takers with some titles like ADA and Sol both down around 7%.

Gold has also seen some profit taking after rising close to $120 in todays (at its highs), with the precious metal down around 1.20%.

You can check our latest analysis of the precious metal right here.

A picture of today's performance for major currencies

Currency Performance, July 23 – Source: OANDA Labs

The Deal news had surprised markets but the USDJPY had already corrected quite a bit before – And with the ongoing political micmac with the latest Japanese elections, the pair finishes the session unchanged.

The Australian and New Zealand Dollars are on the other hand enjoying from the positive mood all around markets, with both currencies finishing the day up around 0.70% against the Greenback.

On the other hand, the Swissie and the US Dollar have struggled, going in tandem with other safe havens.

Earnings Season: Who is releasing their numbers tomorrow

Earnings Calendar for July 24th – Source: Nasdaq.com

Tomorrow should be less market moving than today's post-close earnings calls – Still watch for earnings from Intel, Deutsche Bank and TotalEnergies.

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

The Economic Calendar is very packed in the evening sessions (attention to AUD Traders for the data releasing at 19:30 tonight) and tomorrow's Data rainfall.

Focus on PMIs from Europe, the UK and the US – I strongly invite to note down the expectations to spot how all the relative currency pairs move at the consequent releases.

Tomorrow should have enough fuel for volatility, at least in Forex – Also do not forget the Google Earnings releasing very soon (between 16:30 and 17:00 today).


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.
© 2025 OANDA Business Information & Services Inc.