New York Open Briefing: Friday, July 17, 2026
As New York traders begin their session, European and Asian equities showed mixed performance, with the UK100 up 0.31% and JP225 up 0.27%, while the USTEC fell 1.02% and US500 dropped 0.31%. This comes as the overall risk meter sits at -0.08, indicating a slight risk-off tone. Currency movements include USDCHF down 0.23% and GBPJPY down 0.22%, with the CAD and USD showing strength over the last 24 hours, up 0.31% and 0.26% respectively, while GBP is down 0.31%.
Eurozone inflation data released earlier showed CPI y/y at 2.8% against a consensus of 3%, a -6.7% surprise. CPI m/m registered -0.1%, significantly below the 3.2% consensus. Core inflation, CPI excl. Energy and Unprocessed Food y/y, came in at 2.1% versus 2.2% consensus. Brazil’s IBC-Br Economic Activity matched expectations at 0.07%, and India’s Foreign Exchange Reserves surprised positively at 675.157B against 669.156B consensus.
Looking ahead, the US session features several medium impact releases. At 13:15 UTC, traders will watch for Fed Industrial Production m/m, with a consensus of 0.2%, and Fed Industrial Production y/y, with a consensus of 0.5%. Later, at 14:00 UTC, the Michigan Consumer Expectations is expected at 51.8, Michigan Consumer Sentiment at 51.1, and Michigan 5-Year Inflation Expectations at 3.4%. Also due are Michigan Inflation Expectations at 4.7% and Prelim UoM Consumer Sentiment at 51.0.
Regarding positioning shifts, the retail book for NZDUSD moved 10pt toward short in the last 24 hours, and EURJPY saw a 13pt shift toward short. Retail books show a 20 point disagreement on USDCAD.
The market’s focus will likely turn to the Michigan Consumer Sentiment data later in the session.
| At a glance | |
|---|---|
| Biggest moves since the previous session | USTEC -1.02%, US500 -0.31%, UK100 +0.31% |
| Currency strength, 24h | CAD strongest at +0.31%, GBP weakest at -0.31% |
| Risk meter | -0.08 (mildly risk-off) |
Scheduled this session (High and Medium impact)
| Time | Ccy | Event | Impact | Consensus |
|---|---|---|---|---|
| 13:15 UTC | USD | Fed Industrial Production m/m | Medium | 0.2% |
| 13:15 UTC | USD | Fed Industrial Production y/y | Medium | 0.5% |
| 14:00 UTC | USD | Michigan Consumer Expectations | Medium | 51.8 |
| 14:00 UTC | USD | Michigan Consumer Sentiment | Medium | 51.1 |
| 14:00 UTC | USD | Michigan 5-Year Inflation Expectations | Medium | 3.4% |
| 14:00 UTC | USD | Michigan Inflation Expectations | Medium | 4.7% |
| 14:00 UTC | USD | Prelim UoM Consumer Sentiment | Medium | 51.0 |
| 14:00 UTC | USD | Prelim UoM Inflation Expectations | 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.