EU-US Trade deal and USD bullying – Market wrap for the North American session - July 28

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Log in to today's North American session recap for July 28, 2025.


The Monday session had been dull in previous weeks, but this one is far from the same.

Markets saw a strongly volatile weekly open with the reaching of the latest, much-anticipated EU-US Trade Deal.
The trade-deal has been viewed as disadvantageous for the Europeans which have had to make some concessions – Both parties had found trouble to reach a common ground in previous discussions which had prompted some doubts.

The has been a strong buy-the-rumour Sell-the-fact trade going on with the Euro getting ramsacked in today's session (down 1.30% as I write this) and the US Dollar seeing some squeeze-resembling action.
Indices have been more red than green even after the news, with the Dow and the S&P hitting new highs before finishing the session down (small correction for now.)

European and Japanese indices have also seen some profit-taking, very interesting dynamics to consider for upcoming trading.

Read More: Gold shows signs of fatigue inside its established range

Daily Cross-Asset performance

Cross-Asset Daily Performance, July 28, 2025 – Source: TradingView

The picture from Monday's Cross-asset performance is one that markets haven't seen in a while!

Today was marked by broad US Dollar strength and the only asset class that held to the rise of the Greenback has been Energy commodities – Oil finished the session up 2.70% and still going.

For the rest, may it be Cryptocurrencies, Equities and Metals, none have resisted to the ravaging rally in the USD – Softs have also seen some relief from the better global trade outlook.

A picture of today's performance for major currencies

Currency Performance, July 28 – Source: OANDA Labs

Today showed another example of the ongoing Forex trend – Currencies have been moving geographically for a while now, with European currencies (EUR, CHF and to some extent the GBP) have been getting sold of strongly today.

On the other hand, NZD, JPY and the AUD have held slightly stronger (but still finishing down about 0.70% vs the USD).

Only the CAD found some strength against other majors (only down 0.30% against the USD and up against every other)

Earnings Season: Who is releasing their numbers tomorrow

Earnings Calendar for July 29th – Source: Nasdaq.com

Tomorrow's earnings releases will be very important to track, with many consumer-oriented companies sending their reports.

There is always an emphasis on Visa (reporting post market-close tomorrow) and Mastercard earnings, as they also publish a study of credit card spending trends which tend to mirror well economic appetite.

Get ready also for Spotify, P&G, Boeing, Merck and UnitedHealth key earnings.

A look at Economic Data releasing in tomorrow's session

For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge)

Tomorrow's session will start a streak of large economic events and releases coming up throughout the rest of the week.

Get ready for the JOLTS (Job Openings) at 10:00 A.M. which is not always the biggest mover but always has the potential to be.

For AUD Traders, don't forget the key Inflation data release – You can also check our latest AUDUSD overview.


Safe Trades!

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