July 2023 in Figures
July 31, 2023
July was a strong month for equities and a period when the dollar eased pretty much across the board. Policy interest rates rose 25 basis points at the Federal Reserve, European Central Bank, Bank of Canada, and National Bank of Serbia. Larger central bank rate changes were executed at the Bank of Ghana (+50 basis points), Central Bank of Turkey (+250 basis points), and Central Bank of Chile(-100 basis points), and Central Bank of Sri Lanka (-200 basis points).
The price of West Texas Intermediate oil leaped about 16% in the month in lagged response to Saudi production cuts. Gold, which often moves inversely with the dollar’s value against other currencies, rose about 4%, whereas Bitcoin fell around 6%.
| 10-Yr Yield | 07/31/23 | 06/30/23 | July Change |
| U.S. | 3.96% | 3.82% | +14 Basis Points |
| Germany | 2.49% | 2.39% | +10 |
| Japan | 0.59% | 0.39% | +20 |
| U.K. | 4.30% | 4.38% | -8 |
| Canada | 3.49% | 3.26% | +23 |
| Switzerland | 0.94% | 0.88% | +6 |
| CB Policy Rate | 07/31/23 | 06/30/23 | July Change |
| Fed funds target | 5.25/5.50% | 5.00/5.25% | +25 Basis Points |
| ECB refi rate | 4.25% | 4.00% | +25 |
| BOJ policy rate | -0.10% | -0.10% | 0 |
| BOE Bank Rate | 4.25% | 4.25% | 0 |
| Swiss 3M Libor | 1.75% | 1.75% | 0 |
| FX | 07/31/23 | 06/30/23 | July Chg in $ |
| EUR/USD | 1.0995 | 1.0910 | -0.8% |
| USD/JPY | 142.25 | 144.29 | -1.4% |
| USD/CHF | 0.8718 | 0.8951 | -2.6% |
| GBP/USD | 1.2836 | 1.2780 | -0.4% |
| AUD/USD | 0.6717 | 0.6661 | -0.8% |
| NZD/USD | 0.6210 | 0.6138 | -1.2% |
| USD/CAD | 1.3192 | 1.3247 | -0.4% |
| USD/CNY | 7.1433 | 7.2535 | -1.5% |
| Equities | 07/31/23 | 06/30/23 | July Change |
| S&P 500 | 4589 | 4454 | +3.0% |
| Nasdaq | 14346 | 13728 | +4.5% |
| Djia | 35560 | 34408 | +3.3% |
| Dax | 16447 | 16148 | +1.9% |
| Nikkei | 33172 | 33189 | -0.1% |
| Ftse | 7699 | 7532 | +2.2% |
| Canada TSE | 20647 | 20169 | +2.4% |
| Swiss SMI | 11309 | 11280 | +0.3% |
| Commodities | 07/31/23 | 06/30/23 | 2Q Changes |
| Oil, $ per barrel | 81.80 | 70.64 | +15.8% |
| Gold, $ per ounce | 2009.20 | 1929.40 | +4.1% |
Copyright Larry Greenberg 2023. All rights reserved. No secondary distribution without express permission.
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