London Open Briefing: Tuesday, July 28, 2026
The London trading session opens with a slightly risk-off tone, as indicated by the Risk Meter at -0.01. Asian markets saw declines, with the JP225 down -1.97%. US equity futures also traded lower, with USTEC down -0.59% and US500 down -0.14%. Gold, XAUUSD, is down -0.60%, while the DE40 shows a slight gain of +0.11%. The US Dollar is the strongest currency over the last 24 hours, up +0.39%, followed by the Japanese Yen, up +0.26%. The Australian Dollar is among the weaker currencies, down -0.19%.
Recent data releases include France’s Consumer Confidence Index, which came in at 86 against a consensus of 90, a -4.4% surprise. Sweden’s Goods Trade Balance posted a surplus of 2.6B, significantly above the -2.2B consensus. In Japan, the BoJ Weighted Median Core CPI y/y was 1.5%, below the 1.7% consensus, while the BoJ Trimmed Mean Core CPI y/y met expectations at 2.7%. The Reserve Bank of Australia’s recent speech scored +0.75, indicating a hawkish tone. Positioning shifts show the crowd moving 9pt toward short on XAUUSD, flipping from 55% short to 51% long on USDCHF, and shifting 8pt toward long on USDCAD.
Looking ahead, the US economic calendar features Retail Inventories excl. Autos m/m and Retail Inventories m/m at 12:30 UTC, with consensus for the latter at 0.5%. S&P/CS HPI Composite-20 n.s.a. m/m and S&P/CS HPI Composite-20 y/y are due at 13:00 UTC. The CB Consumer Confidence Index (USD, High) is scheduled for 14:00 UTC, with consensus at 89.5 against a previous reading of 91.2. A 7-Year Note Auction will take place at 17:00 UTC.
Traders will closely monitor the CB Consumer Confidence Index (USD, High) later in the session.
| At a glance | |
|---|---|
| Biggest moves since the previous session | JP225 -1.97%, XAUUSD -0.60%, USTEC -0.59% |
| Currency strength, 24h | USD strongest at +0.39%, CHF weakest at -0.28% |
| Risk meter | -0.01 (balanced) |
Scheduled this session (High and Medium impact)
| Time | Ccy | Event | Impact | Consensus |
|---|---|---|---|---|
| 12:30 UTC | USD | Retail Inventories excl. Autos m/m | Medium | – |
| 12:30 UTC | USD | Retail Inventories m/m | Medium | 0.5% |
| 13:00 UTC | USD | S&P/CS HPI Composite-20 n.s.a. m/m | Medium | – |
| 13:00 UTC | USD | S&P/CS HPI Composite-20 y/y | Medium | – |
| 14:00 UTC | USD | CB Consumer Confidence Index | High | 89.5 |
| 14:00 UTC | USD | CB Consumer Confidence | Medium | 92.4 |
| 17:00 UTC | USD | 7-Year Note Auction | Medium | – |
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.