Weekly Markets Monitor: Strengthening the Core
21 July, 2025
Highlights
- Last week, economic reports were mixed. In the U.S., stronger retail sales and robust corporate earnings met higher CPI inflation. The euro area saw a rise in industrial output, while China’s Q2 growth was stronger. Inflation eased in Japan and India, but the UK faced rising price pressures.
- Major global stock indexes closed mostly flat or with modest weekly gains. U.S. Treasury yields eased, the US dollar strengthened, and oil prices retreated.
- Gold extends its consolidation but the range continues to look mature, and we may be close to this being resolved higher for the completion of a “triangle” continuation pattern (p6). Tariff impacts are slowly appearing in inflation data and investors are starting to price this in further down the curve (COTW).
Chart of the week - Clean Break
Data from 27 June 2022 to 18 July 2025. Source: Bloomberg, World Gold Council
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