Tech-on top – Market wrap for the North American session - July 21

Risk-on session throughout all markets with Tech once again shining bright, also bringing up altcoins with the ongoing rally – There has been somewhat of a retracement in the afternoon as markets found what seems to be profit taking again.

The US Dollar has started the week poorly, with sellers helped by some lower yields on longer-dated bonds (US 30-Year Bonds saw some decent demand today) and Japan's PM Ishiba's political party losing majority, bolstering the Yen strongly.

Markets haven't found many other catalysts in the absence of key data and major headlines – US President Trump hates silence so you can expect some Tariff menacing headlines soon!

Ethereum is again on top of assets to start the week – Altcoins have also done really good with Solana and ADA up close to 10% on the day.

Many other assets, particularly metals have enjoyed from a sudden US Dollar correction with Gold up around 1.30% (A very decent day for the Bullion), SIlver revisiting its highs ($39.13 most recent highs) – Platinum and Palladium are both continuing their ongoing trend higher.

Longer dated Bonds have been in demand this Monday (30Y UST up 0.80%) and with lower yields overall, tech has been shining on the day (despite some correction towards the end of the session)

Today was about US Dollar weakness again as the Greenback failed to breach and holds concrete highs after two spikes (forming a double top).

You can check out our latest US Dollar Index analysis here to check out levels of interest.

This, couple with some movemented Japan elections have led the Yen to be on top of majors (+1% vs USD) – A story to follow as USDJPY gets back into its range.

All majors are leading against the Dollar but the laggard is the NZD which has really been struggling since the 1st of July.

Tomorrow will see the release of some more Consumption and Defense names like Lockheed Martin, Coca Cola, Phillip Morris, SAP and others.

Markets are still preparing for the 5 Magnificent to post their earnings this week!

The calendar is very thin in terms of key releases between tonight's session and Tuesday.

There will be some focus on APAC overnight with the New Zealand Trade Balance numbers (key) and the RBA Minutes (Potential mover for the AUD).

Later overnight, Euro traders should be watching for the ECB Bank Lending Survey – Releases at 4:00 A.M. ET (can be a big mover for Bunds, the Euro and European Stock sentiment)

Also do not forget BoE's Bailey speech at 5:15 for GBP Traders.

There are a few FOMC Speakers tomorrow (not forgetting BoE's Bailey at 5:15 for GBP Traders

Market Analyst