It was a roller‑coaster week, between volatile macro data, tariff threats, and fresh geopolitical turmoil, all jostling with record‑breaking crypto moves.
US data eased a touch as (core at 0.2% vs 0.3% exp) and (unchanged, 0.2% consensus) both came in cooler than expected, while Retail Sales surprised to the upside, showing consumer demand still holding firm.
Equities briefly hit new highs—the and climbed on solid earnings reports—but traders have been taking profits in today’s session. Both indices still finish the week up comfortably, except for the , which has really been mixed in rangebound action throughout the week.
Lower-than-expected (yet still high) inflation expectations did not do much to slow today’s selling flows.
Global Equities have also been dawdling around in the first half of July as the sudden rise in the coming from better than expected US Data has rewired some Financial flows.
Trade tensions resurfaced as Trump floated 15–20 % tariffs on EU goods, a reminder that protectionist rhetoric remains ever‑present even as markets largely shrugged off the threat – Keep this in check for the upcoming weeks.
Meanwhile, crypto stole the spotlight: blasted through to a new peak of $123,230, fuelled by ETF inflows and macro hedge demand, while Ethereum outpaced BTC on the week, riding a wave of DeFi optimism and relative strength. Altcoins have been shining on this newfound Crypto trend.
Elsewhere, Australia’s jobs report was disappointing, intensifying bets on RBA , and the UK’s proved a mixed bag—wage growth held up, but unemployment ticked higher.
To cap it off, tensions flared along the Israel‑Syria border around Druze communities, adding a fresh geopolitical twist that quickly faded by Markets who don’t care too much about these headlines since the Israel-Iran tensions from the end of June.
Still, buckle up, as looking at charts and fundamentals, volatility isn’t going anywhere.
The Week Ahead: Global PMIs and More Inflation Data
We will already be entering the fourth week of July, and markets have been awaiting the PMIs to get an idea if anything has evolved for the business around the world as tariffs keep looming around.
Asia-Pacific Markets
MarketPulse Economic Calendar
This week will see bouts of key data including PBOC Rate Decision, NZD Trade Balance data, Australian PMIs and RBA Minutes and finally on Thursday, Tokyo region’s Regional CPI for JPY Traders.
Asian stock markets (Singapore and Hong Kong) have been performing well on good Chinese data, with the latest round of financial injection from the PBOC through Reverse Repo Ops (1 Trillion Yuan).
Economic Data from Europe, UK and North America – ECB Rate Decision
Next week’s high-tier Data for Europe and North-American nations – MarketPulse Economic Calendar
Next week might be a bit heavier on Occidental Data releases with a slow start to the week (more action towards the middle of the week).
The week will start with mid-tier Business Outlook Surveys for Canada (typically interesting reports to get to know more what businesses are expecting for inflation etc).
We will also get for Canada (exp -1.1%) on Wednesday and the UK (exp 1.2%) on Friday.
European data will be heavy with ECB’s Bank Lending Survey (published once every 4 years), Eurozone, UK and German PMIs & finally, ECB’s Rate Decision on Thursday 24 (pause largely expected) – (8:45).
Don’t forget the main US Data release of the week – and also on Thursday (9:45).
US Dollar Performance Versus Other Forex Major Counterparts
Source: TradingView
The US Dollar kept rallying against other currencies throughout last week, particularly after the Report, which preceded a major rally with the touching 98.90.
The got sold off particularly strongly, and the JPY got dumped again with attaining the extremes of its range.
Source: TradingView
Despite a rebound on Friday, the price action looked a bit inconclusively bearish. Let’s see what might happen this week.
Weekly Asset Performance
Source: TradingView
’s uprise had been warranted by its consistent rise in the past few weeks.
For the rest, despite volatile swings, the weekly performance is close to unchanged for most assets, except for , which lost some ground (Rangebound action).
Stock indices have started to slow down a bit, so we’ll need to track sentiment closely in the upcoming sessions.