Market Digest — July 31, 2026

Today's markets are shaped by bullish sentiment. Here's what you need to know.

💱 Forex

Fed Holds Rates, USD Under Pressure Ahead of Key Data
The Federal Reserve maintained interest rates as expected, yet signals from the statement and dot plot revision hinted at fewer cuts for 2024, initially supporting the dollar. However, market focus quickly shifted to upcoming PCE inflation data and the Bank of England's decision, contributing to renewed pressure on the US Dollar amidst expectations of potential future rate adjustments.

Japanese Yen Surges Amidst Intervention Speculation
The Japanese Yen experienced a sharp spike, with USD/JPY dropping significantly, fueling intense speculation of imminent intervention by Japanese authorities. This sudden move has injected considerable volatility into JPY pairs and pressured the US Dollar, with reports of verbal warnings and large market flows suggesting preparatory action.

Ferrari Reports Record Earnings, Limited Forex Impact
Ferrari NV announced record Q2 revenue and raised its full-year guidance, signaling robust demand for luxury goods and boosting its stock. While positive for the company and potentially indicating stronger risk appetite, the direct impact on the broader forex market remains limited.

🪙 Crypto

Fed Holds Rates Steady, Boosting Risk Assets
The Federal Reserve's decision to keep interest rates unchanged provided immediate relief and positive momentum for risk assets, including Bitcoin and Ethereum. This macro stability reduced near-term tightening pressure and fueled a short-term rally in crypto prices.

Bitcoin ETFs Break Outflow Streak, But Inflows Remain Weak
Bitcoin spot ETFs snapped a two-month outflow streak with modest net inflows, signaling tentative renewed interest from institutions. However, July's total inflows remain significantly below previous months, suggesting institutional demand is still fragile and not yet indicative of a strong accumulation phase.

Crypto Miners Diversify into AI Infrastructure
Amidst evolving market dynamics, some Bitcoin miners are increasingly pivoting towards high-performance computing and AI infrastructure. This "AI trade" could provide a new revenue stream and potentially support long-term demand for BTC, separating their performance from pure crypto price action.

Coinbase Misses Q2 Earnings, Highlighting Exchange Weakness
Coinbase reported a disappointing Q2 earnings miss, extending its recent struggles and reflecting broader challenges faced by crypto exchanges. This performance contrasts with the AI-driven gains seen by some miners, indicating mixed health within the wider crypto ecosystem.

📈 Stocks & Commodities

Tech Giants Drive Market Rebound on Strong Earnings and AI Enthusiasm
Microsoft's robust AI-driven earnings ignited a broad tech rebound, boosting Dow futures and overall market sentiment. Strong results from Apple and Amazon further reinforced confidence in mega-cap tech resilience, signaling AI as a key market driver.

Nasdaq's Mixed Performance: Chips Soar, Meta Stumbles
The Nasdaq saw a fierce rebound, primarily led by semiconductor stocks on renewed AI demand optimism. However, Meta Platforms experienced a significant drop following weak guidance and ad revenue concerns, highlighting divergence within the tech sector.

FICO Plummets on Missed Forecasts, Raising Concerns for Credit Ecosystem
Credit scoring giant FICO's stock plummeted after missing revenue growth forecasts and issuing soft guidance. This significant drop signals potential headwinds for the consumer credit and lending ecosystem, reflecting investor concern over growth deceleration in data analytics.