London Open Briefing: Friday, July 31, 2026

The London session opens with a mixed risk sentiment, as indicated by the Risk Meter at -0.28. Equities saw gains, with USTEC up +0.66%, US30 up +0.49%, DE40 up +0.49%, and US500 up +0.44%. Meanwhile, XAUUSD declined -0.75% and USDJPY rose +0.39%. The 24-hour currency strength shows JPY as the strongest performer, up +1.35%, while USD is the weakest, down -1.02%. This divergence sets a complex backdrop for traders.

Early data releases from France showed significant upside surprises. France’s CPI y/y came in at 2.1% against a 1.6% consensus, a +31.3% surprise, and HICP y/y was 2.4% versus 1.6% consensus, a +50.0% surprise. Monthly figures were even more striking, with France CPI m/m at 0.6% against a -0.2% consensus, a +400.0% surprise, and HICP m/m at 0.6% versus -0.3% consensus, a +300.0% surprise. France PPI m/m also beat expectations at -0.2% versus -0.7%. Switzerland’s Retail Sales y/y also exceeded consensus at 1.5% versus 1.4%.

Looking ahead, the London session will see Germany Unemployment figures at 07:55 UTC, with consensus for Unemployment Change at -5K. Later, at 09:00 UTC, the Euro Area’s CPI y/y Flash Estimate is due, with consensus at 2.9%, up from the previous 2.8%. The Euro Area Core CPI Flash Estimate y/y is also expected at 2.4%. In positioning shifts, the crowd on AUDUSD flipped from 51% short to 55% long over 24 hours. Retail books show notable disagreement on AUDUSD, EURJPY, and USDCAD, with differences of 22 points, 24 points, and 24 points respectively.

Later in the day, traders will monitor Canada GDP m/m at 12:30 UTC and the MNI Chicago Business Barometer at 13:45 UTC. The Euro Area CPI y/y release at 09:00 UTC remains a key focus for the session.

Scheduled this session (High and Medium impact)

Times are UTC. This brief describes measured market state and the published schedule. It is not financial advice and nothing in it is a trade recommendation.