Yet another day of confusing sentiment – Market wrap for the North American session - August 7

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Log in to today's North American session recap for August 7, 2025.


Today's huge turn in the US stocks have sent another round of confusion in the daily cross-asset picture.

Global stock indices were onto another strong session which lasted all the way to the North American opening bell, with Nasdaq, S&P 500 and the Dow Jones all opening strongly before giving up all their gains, reacting at key technical levels.

Read More: Dow Jones and major US indices drop from key levels – Technical Outlook

In other asset classes, the picture is not less confusing: Cryptocurrencies, traditionally seen as risk-assets are performing strongly with ETH dragging digital asset sentiment higher.

On the other hand, commodities still show hesitancy in sentiment with Gold just breaking $3,400 and Oil breaking $64.

For those who did not know, the Bank of England provided a hawkish cut after two votes – The first one showing a tie between a 25 bps or unchanged, and the second one leading to an actual cut from 4.25% to 4%, pushing the Pound higher.

In geopolitcs, Benjamin Netanyahu announced the total control of the Gaza Strip while mentioning that Israel would then look to hand its reign to neighbouring Arab governments.

Daily Cross-Asset performance

Cross-Asset Daily Performance, August 7, 2025 – Source: TradingView

A picture of today's performance for major currencies

Currency Performance, August 7 – Source: OANDA Labs

Spot the effect of the hawkish cut towards the GBP daily outperformance.

After a weak start, the US Dollar seems to have found a floor – It will then have to be confirmed whether this floor is temporary or provide actual support to the ongoing downfall

For the rest, the currency board isn't less confusing with The Kiwi second on the board which would have marked a risk-on FX picture if it wasn't for the Yen actually showing some form of strength (up 0.25% against the USD).

A look at Economic data releasing in tonight and tomorrow's sessions

For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

Tomorrow's main event will be the release of the Canadian Employment number which may finally provide some independent movement for the Loonie.

For technical levels in USDCAD, I invite you to check our mid-week NA Markets analysis.

Of course, don't forget the University-of-Michigan Inflation expectations releasing at 10:00 A.M. ET.


Safe Trades!

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