Morning Economic Report 7-31-25

The FED continued to express caution and did not really signal firm cuts, and one of the biggest movers then was the USD rally against all peers. It is outshone by Comex copper which dumped 19% after another Trump wind back and changed its tariff parameters. APAC also drags on China’s NBS Manufacturing and non-Manufacturing PMI miss with demand looking poor. BoJ leaves rates unchanged. Corporate results currently drowned out although in the main they are well received, particularly blowouts after hours from Microsoft +8% and Meta +11% dragging US futures up. Every eye on deadline day tomorrow for tariffs as US announces 15% deal with South Korea. Eyes on MoM and YoY US Core PCE Prices and Jobless claims with Apple, Amazon, Coinbase and Mastercard the pick of results. DAX +0.20%, CAC -0.05%, FTSE +0.61%, Euro STOXX600 +0.14%. Despite dissenting voices in FOMC, Powell stubbornness and unwillingness to predict a September cut keeps the USD bid, DXY 99.84. Gold 3306. BTC $118,548.