22/07/2026 Daily Reports
The Defensives are Struggling: The Japanese Yen and Swiss Franc are remaining soft. A potent mix of high energy prices and central banks that are slow to hike is keeping these low-yielders under heavy pressure.
Dollar Strength Continues: The US Dollar, alongside the NOK, remains a go-to currency. With the Bank of Japan holding off on interventions, USD/JPY could grind towards the 164/165 zone ahead of the BoJ meeting.
The Ultimate Summer Trade?: Keep your eyes on USD/CHF. The Swiss National Bank seems perfectly happy with a weaker franc and isn’t likely to drop massive interventions. If energy prices take another leap, a break above the 0.8150/70 resistance could trigger a powerful upward move.
Euro’s Balancing Act: EUR/USD is clinging on, mostly supported by interest rate differentials as markets price in an aggressive ECB. However, a drift back to 1.1380 might be in the cards if the ECB doesn’t sound as hawkish as the market expects.
UK Inflation Silver Lining: Despite a slight bump in core data, the underlying UK inflation trend looks good! Food prices are falling, and core services inflation is cooling off. Keep an eye on EUR/GBP, which may have already found its bottom at 0.8455.
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- Nasdaq U.S. equity futures, including the Nasdaq 100, slipped before Wednesday’s opening bell as investors exercised caution ahead of major tech earnings. Market participants pared positions anticipating artificial intelligence spending guidance from Alphabet and Tesla. Recent volatility pushed a key semiconductor gauge into a bear market, though Super Micro Computer shares jumped 15% on a record in premarket today
- DAX Germany’s DAX index held steady near the on Wednesday after gaining 0.66% in the previous session. Broader European equities opened slightly lower, dragged down by tech stocks as investors awaited U.S. earnings. The Frankfurt exchange navigated pressures from Middle East tensions and elevated energy prices, though reports of U.S.-Iran diplomatic mediation offered minor support.
- Nikkei Japan’s Nikkei 225 index recorded a strong performance, rising 1.9% to yesterday’s session. The benchmark’s advance was bolstered by positive data showing domestic imports and exports increased from the previous year. This trade boost was largely attributed to a weaker Japanese yen, which lifted dollar-value conversions. Gains were also supported by an overnight Wall Street rally in semiconductor equities.
- Brent Crude Oil Brent crude futures climbed 0.55% yesterday, reaching multi-week highs amid geopolitical escalations. The increase followed reports of the United States initiating an 11th consecutive night of military strikes on Iranian targets, alongside intercepted drone attacks in Kuwait. These hostilities heightened fears of severe global energy supply disruptions in the region.
- Gold and Silver Precious metals experienced upward momentum as investors shifted toward safe-haven assets amid rising geopolitical uncertainty. Spot gold advanced a two-week high. Markets are also monitoring the upcoming Federal Reserve policy meeting for future interest rate clarity.
