Markets track Wall Street advance - 7.8.2025

The Dollar weakening is intact today. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.56% lower on Wednesday.

Both GBP/USD and EUR/USD accelerated their advancing yesterday despite federal statistics agency Destatis report German factory orders continued declining in June. Both euro and Pound are higher currently. USD/JPY reversed its advancing while AUD/USD accelerated its climbing on Wednesday with both the yen and the Australian dollar higher against the Greenback currently.

The US stock index futures are up currently ahead of unemployment claims report at 14:30 CET. US stocks closed solidly higher on Wednesday with the three main US stock benchmarks recording daily gains in the range from 0.2% to 1.2% while president Trump said that he would impose a tariff of about 100% on imported semiconductors, though products from companies that build chips within the US would be exempt.

European stock indexes are mixed currently ahead of Bank of England interest rate decision at 13:00 CET. It is widely expected BOE will cut interest rates 25 basis points from current 4.25%. Stocks closed marginally lower yesterday. Asian stock indexes futures are mostly rising with Australia’s S&P/ASX 200 All Ordinaries index defying the trend while data  showed that Australia’s trade balance rose to a bigger than expected surplus in June as exports rebounded from a sharp drop in the prior month, while imports shrank.

Brent is edging higher presently. Prices extended losses on Wednesday as the US Energy Information Administration (EIA) reported US gasoline stocks fell by 1.3 million barrels last week while US crude inventories fell by 2.8 million barrels. At the same time Saudi Arabia, the world’s biggest oil exporter, hiked its September crude oil prices for Asian buyers, the second monthly rise in a row, on tight supply and robust demand. The US oil benchmark West Texas Intermediate (WTI) futures fell 1.2% but are higher currently. Brent crude lost 1.1% to $66.89 a barrel on Wednesday.