London Open Briefing: Wednesday, July 29, 2026
The London session opens with a slightly positive tone following moves in the Asian trading hours. Gold, XAUUSD, is up +0.73%, while major European and US equity indices also show gains, with the UK100 up +0.40%, US500 up +0.32%, DE40 up +0.30%, and US30 up +0.21%. Conversely, AUDUSD has declined by -0.28%. The risk meter currently stands at +0.05, indicating a marginally risk-on sentiment. Over the last 24 hours, the New Zealand Dollar and Euro have shown strength, while the Australian Dollar is the weakest, down -0.40%.
Recent data releases have shown notable surprises. Swedish GDP figures for both year over year and quarter over quarter significantly exceeded consensus, with y/y actual at 2.8% against 1.8% consensus, and q/q actual at 1.4% versus 0.3% consensus. Norwegian Retail Sales also surprised to the upside, with m/m actual at 1.8% against -0.2% consensus. In South Africa, SARB Private Sector Credit y/y came in at 7.8% below the 8.44% consensus, while M3 Money Supply y/y was 9.31% above the 8.93% consensus. Traders will also note the Germany 10-Year Bond Auction scheduled for 09:30 UTC, following a previous yield of 3.09%.
Crowd positioning data indicates a shift toward long positions on both AUDUSD and XAUUSD, with the book moving 9pt and 12pt toward long respectively in the last 24 hours. Retail books show significant disagreement on EURJPY by 23 points and on USDCHF by 41 points.
Looking ahead, the primary focus for the day remains the FOMC Statement, Fed Interest Rate Decision, and FOMC Press Conference scheduled for 18:00 UTC and 18:30 UTC.
| At a glance | |
|---|---|
| Biggest moves since the previous session | XAUUSD +0.73%, UK100 +0.40%, US500 +0.32% |
| Currency strength, 24h | NZD strongest at +0.25%, AUD weakest at -0.40% |
| Risk meter | +0.05 (balanced) |
Scheduled this session (High and Medium impact)
| Time | Ccy | Event | Impact | Consensus |
|---|---|---|---|---|
| 09:30 UTC | EUR | Germany 10-Year Bond Auction | Medium | – |
| 14:30 UTC | USD | EIA Crude Oil Stocks Change | High | 5.131M |
| 14:30 UTC | USD | EIA Cushing Crude Oil Stocks Change | Medium | 0.614M |
| 18:00 UTC | USD | FOMC Statement | High | – |
| 18:00 UTC | USD | Fed Interest Rate Decision | High | 3.75% |
| 18:30 UTC | USD | FOMC 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.