Sentiment has once again been broadly positive, despite not being the most optimistic we’ve had after the consecutive weeks of strictly euphoric mood.
We’ve had a few comments from FED members after Wednesday’s release, with Musalem coming up with some hawkish comments on the effects of Tariffs while Waller and Daly decided to overlook the long-term impact of a one-time rise, tilting more dovish.
It is normal towards the end of a Central Bank Cycle to get some diverging views, but this one is tricky, with particularly new conditions in the United States.
On the other side of the world, Pacific currencies in the and have had a decent run higher despite some rise in the – this comes after the surprise pause at the most recent RBA meeting, participants are starting to look at potentially more hawkishness by Pacific CBs and a still not-too-bad global outlook, helping such commodity currencies.
Cryptos are blazing hot, in another market turn towards tech (particularly cryptocurrencies – has, for the first time this week, underperformed other indices).
is currently marking new all-time highs (trading above 113,000), is above $2,800 and other altcoins are loving it.
Daily Cross-Asset Performance
Source: TradingView
Cryptos are on top, is struggling despite the announcement of an OPEC pause (Oil has been fading its own news quite a lot these past few sessions) and other assets are closed to unchanged.
A Picture of Performance for Major Currencies
Source: OANDA Labs
After a slow start to the session, the afternoon saw much more movement, particularly from the AUD rising strongly, leaving European currencies lagging (a reversal of yesterday’s movements)
A Look at Economic Data 
MarketPulse Economic Calendar
Today’s session should be fairly light in action; however, traders will get some movement with the upcoming employment data release at 8:30 AM, expected to remain unchanged.
For the rest, look at a few mid-tier data releases for the UK and the Monthly budget from the US, which might be interesting to start looking in detail at the mess from the Trump Administration and the validation of the Big Beautiful Bill.
Also, do not forget potential weekend risk moves, even though the geopolitical landscape has been calm for a while.
Safe Trades!