July Summary
- AUD/USD ranged 0.6481 to 0.6798, down 1.92%; AUD/JPY fell 8.58%.
- USD/JPY ranged 149.56-161.76, down 6.77%; speculation of Bank of Japan intervention above 161.00.
- French and UK elections, Trump in court, and Biden stepped aside as Harris narrowed the lead over Trump.
- Lower US CPI led to a September FED cut being 100% priced in.
- NZ held rates with a dovish statement; China cut Prime Loan rate by 10 bps.
- Bank of Japan hiked rates to 0.25%; softer Australian CPI suggests no RBA hike next week.
- The Nasdaq had a volatile month but finished up 1.63% lower – BIG Tech commenced reporting, generally coming in worse than expected.
- Bitcoin ranged from $59,600 to $69,900; drop due to Mt. Gox repayment and German gov’t sell-off.
- Ethereum saw positive news with SEC approval of ETFs.
- Increased Middle East tensions emerged later in the month.
- Focus on inflation, interest rates, politics, Big Tech/AI, commodities, and oil.
- VIX Index surged 31.5%, reflecting heightened market fear.
Snapshot of the Month
Key Upcoming Dates
| 1st Aug | Bank of England Rate Decision |
| 2nd Aug | US ISM Manufacturing PMI |
| 2nd Aug | US Non Farm Payrolls |
| 6th Aug | US ISM Services PMI |
| 6th Aug | Reserve Bank of Australia Rate Decision |
| 7th Aug | NZ Employment Data |
| 13th Aug | US PPI |
| 14th Aug | NZ Official Cash Rate |
| 14th Aug | UK CPI |
| 14th Aug | US CPI |
| 15th Aug | Australian Employment |
| 15th Aug | US Retail Sales |
| 28th Aug | US Consumer Confidence |
| 30th Aug | China Manufacturing PMI |
| 30th Aug | Euro Zone CPI |
| 30th Aug | US PCE Deflator |
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