London Open Briefing: Thursday, July 23, 2026
The London session begins with European equity indices showing weakness, as the DE40 is down 0.69% and the UK100 is lower by 0.29%. US indices like the US30 and USTEC also trade in negative territory. Gold, XAUUSD, has declined 0.49%. In contrast, the AUDUSD has gained 0.26% since the reference point. The overall risk meter currently stands at +0.15, indicating a slight risk-on sentiment, with CAD, AUD, and EUR showing relative strength over the past 24 hours.
Overnight, Australia’s employment data surprised to the upside, with the Employment Change coming in at 76.3K against a consensus of 16.4K. The Participation Rate rose to 67%, exceeding the 66.7% consensus, while the Unemployment Rate held steady at 4.4%. In the Eurozone, the France Business Climate registered 101, slightly below the 102 consensus. Looking ahead, the European Central Bank (ECB) dominates the calendar. At 12:15 UTC, the ECB Interest Rate Decision is expected, with consensus at 2.40%, alongside the ECB Deposit Facility Rate Decision. This will be followed by the ECB Press Conference at 12:45 UTC. US Continuing Jobless Claims are also due at 12:30 UTC.
Retail trader positioning has seen a notable shift on XAUUSD, with the book moving from 53% long to 53% short in the last 24 hours. Retail books also show significant disagreement on pairs such as EURJPY and USDJPY, as well as on XAUUSD.
The market’s primary focus for the session remains the upcoming ECB monetary policy announcements.
| At a glance | |
|---|---|
| Biggest moves since the previous session | DE40 -0.69%, XAUUSD -0.49%, US30 -0.37% |
| Currency strength, 24h | CAD strongest at +0.24%, CHF weakest at -0.25% |
| Risk meter | +0.15 (mildly risk-on) |
Scheduled this session (High and Medium impact)
| Time | Ccy | Event | Impact | Consensus |
|---|---|---|---|---|
| 12:15 UTC | EUR | Monetary Policy Statement | High | – |
| 12:15 UTC | EUR | ECB Deposit Facility Rate Decision | High | – |
| 12:15 UTC | EUR | ECB Interest Rate Decision | High | 2.40% |
| 12:15 UTC | EUR | ECB Marginal Lending Facility Rate Decision | Medium | – |
| 12:15 UTC | EUR | ECB Monetary Policy Statement | Medium | – |
| 12:30 UTC | USD | Continuing Jobless Claims | Medium | 1.821M |
| 12:45 UTC | EUR | ECB Press Conference | High | – |
| 12:45 UTC | EUR | ECB Monetary Policy Press Conference | High | – |
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.