This article has been translated from English to Gen Z Slang.
Yo fam, yesterday was like one of those chill vibes kinda days in the markets, not a lot of economic tea spillin', but the markets were still poppin' off, gearing up for that July 9 tariffs drama. 📈✨
The whole geopolitical sitch and those spicy OPEC+ updates were making waves in the energy world, and crude oil just shot up almost 3% 🤯.
Here’s the juicy tea you might’ve snoozed on during the recent trading sessions!
Headlines:
- This weekend, Israel’s military was wildin' and confirmed some lit attacks on terrorist hotspots in Yemen. 🔥
- A Greek cargo ship in the Red Sea caught these hands with a rocket-propelled grenade attack linked to some Houthi bros. 🚢💥
- OPEC+ squad decided to turn up oil production to 548K bpd vs. the 411K bpd everyone thought they'd go for.
- China went and said, "Nope" to EU medical device buys in revenge for last month’s vote-offs on Chinese bids. 🇨🇳👀
- On Sunday, Trump threw a spicy tweet about slapping more 10% tariffs on countries vibin' with “anti-American BRICS.” 🇺🇸⚠️
- U.S. Treasury Secretary Bessent dropped that tariffs could roll back to April 2 levels by August 1 if peeps don’t stop messin' around.
- Japan's cash flow deets for May 2025 were 1.0% y/y (They shot for 2.4% y/y; 2.3% y/y last time).
- Japan's overtime hustle data for May 2025 was like, 1.0% y/y (Forecasters said 0.9% y/y; 0.8% y/y before).
- Australia ANZ-Indeed Job Ads for June 2025 pumped up 1.8% m/m (0.2% m/m was the goal; was -1.2% m/m last).
- Japan’s econ vibes for May 2025 scored a 105.3 (Forecast was 104.5; previous was 104.2).
- Germany was slaying with industry production for May 2025, up 1.2% m/m (was looking like -0.6% m/m forecast; -1.4% m/m before).
- U.K.'s house prices for June 2025 stayed flat m/m (looked for -0.2% m/m; was -0.4% m/m); 2.5% y/y (2.2% y/y was hoped; 2.5% y/y before).
- Euro area retail scene for May 2025: 1.8% y/y (forecast was 1.7% y/y; 2.3% y/y before); -0.7% m/m (-1.0% m/m goal; 0.1% m/m last).
Broad Market Price Action:
Dollar Index, Gold, S&P 500, Oil, U.S. 10-yr Yield, Bitcoin Overlay Chart by TradingView
Every trader and their Uber driver got a headline shock after the long weekend truce, with Middle East shade and OPEC+ updates turning the energy sector into a playlist with bangers only. 🎵🌊
WTI crude oil bulls were on that winning streak, pumped by a Houthi attack and Israel flexing in Yemen. Energy commodities bounced back like a slingshot after OPEC+ came in with more oil than promised, lighting up session times in London and the U.S. to close 2.71% higher. 💪🌍
Gold had a lil' nap while risk appetite turned hyper with U.S. trade talks possibly doing an encore tour, and the tariff bump postponed to August 1. But as Trump dropped more tariff bombs, risk-off vibes brought this precious metal back to base. 💰 🙌
Equity futures kept it vibey in the green, hoping there’s a plot twist in trade talks bringing wins soon, but 25% tariffs on South Korea and Japan spooked folks, leaving U.S. stock indices chilling flat.
Treasury yields were movin' like TikTok trending sounds, keeping a steady beat during U.S. hours while the U.S. dollar was loving the safe-haven flow.
FX Market Behavior: U.S. Dollar vs. Majors:
Overlay of USD vs. Majors Chart by TradingView
The U.S. dollar was strutting like it owned the place, even bouncing off against JPY when Japan dropped some BDE indicators. Markets were munching on the U.S. tariffs extension tea while geopolitical drama kept things spicy. 🌶️📈
Profit-takers got their groove on, and risk vibes pushed high-yield and wannabe-risk currency GBP to level up in London’s latter session. Meanwhile, “TACO” dreams floated in the air, and traders seemed a lil' optimistic that trade drama might unfold positively in the deadline delay.
But fear not, another round of safe-haven love flooded during the U.S. time slot as Trump snapped with 25% tariffs on Japan and South Korea. Media reports on more tariff spills sent USD flexing worldwide, with USD/JPY kicking higher at closing 1.14%, making NZD/USD and AUD/USD take some Ls nearly 1% each.
Upcoming Potential Catalysts on the Economic Calendar
- Australia RBA Interest Rate Decision at 4:30 am GMT
- Japan Eco Watchers Survey Outlook at 5:00 am GMT
- Australia RBA Press Conference at 5:30 am GMT
- Germany Balance of Trade at 6:00 am GMT
- France Balance of Trade at 6:45 am GMT
- U.S. NFIB Business Optimism Index at 10:00 am GMT
- Canada Ivey PMI at 2:00 pm GMT
- U.S. Consumer Inflation Expectations at 3:00 pm GMT
- U.S. Consumer Credit Change at 7:00 pm GMT
- U.S. API Crude Oil Stock Change at 8:30 pm GMT
The mainstay is all about the RBA’s vibe check on monetary policy, where the talk is about slashing rates but hinting that we'll keep it slow for a bit. 📉
Right after, Canada’s Ivey PMI report might stir some spicy moves for Loonie pairs in U.S. hours. As always, stay savage and check our Forex Correlation Calculator before sliding into any trades! 🤑
