Week of 27 to 31 July 2026·Published
Week in Brief
EUR/USD tightened from a 0.909 pip average on 27 July to 0.869 by 31 July, an 8 broker average across the week. Gold's headline 8.775 USD average on 30 July reflects only 4 brokers, a thin reading. BlackBull Markets was cheapest on 18 of 45 key instrument-days, well ahead of IG Group's 11.
Spread Movements by Instrument
EUR/USD
tightened- Week range
- 0.868 to 0.909 pips average across brokers
- Cheapest
- BlackBull Markets at 0.1 pips on four of five days
- Notable
- Average fell from 0.909 on 27 July to 0.869 on 31 July, with BlackBull Markets cutting its own quote from 0.2 to 0.1, a 50 percent drop, while XM held at 2 pips all week.
GBP/USD
tightened- Week range
- 1.1 to 1.142 pips average across brokers
- Cheapest
- BlackBull Markets at 0.1 pips on four of five days
- Notable
- Average dropped from 1.142 to 1.1 pips across the week as BlackBull Markets moved from 0.2 to 0.1 pips, a 50 percent cut, while XM stayed fixed at 2.4 pips throughout.
XAU/USD
widened- Week range
- 7.044 to 8.775 USD average across brokers
- Cheapest
- BlackBull Markets at 0.12 USD on four of five days
- Notable
- Average rose from 7.044 USD on 27 to 29 July to 8.775 on 30 July, but broker count fell from 5 to 4 that day, so part of the move is a coverage shift, not a pure spread change.
WTI/USD
widened- Week range
- 1.692 to 2.125 points average across brokers
- Cheapest
- Swissquote at 0.052 to 0.062 points most days
- Notable
- Average jumped from 1.692 on 27 July to 2.125 on 28 and 29 July as broker count dropped from 5 to 4, then eased to 1.841 by 31 July; easyMarkets held the dear side at 3 points all week.
US500
stable- Week range
- 0.533 to 0.733 points average across brokers
- Cheapest
- IG Group at 0.4 points every day
- Notable
- Average moved narrowly between 0.533 and 0.733 points on only 3 to 4 brokers per day, with IG Group consistently cheapest and Swissquote or easyMarkets consistently dearest.
GER40
stable- Week range
- 2.865 to 3.077 points average across brokers
- Cheapest
- IG Group at 1.4 points every day
- Notable
- Average held at 3.077 points on four of five days, with the single dip to 2.865 on 30 July coinciding with only 2 brokers reporting instead of 3, a thin-coverage day.
NAS100
tightened- Week range
- 1 to 3.7 points average across brokers
- Cheapest
- ThinkMarkets at 0.8 to 1.3 points most days
- Notable
- The 3.7 point spike on 30 July came from a single broker, Swissquote, the only reporter that day, so it is a coverage artifact rather than a genuine widening.
BTC/USD
stable- Week range
- 20 to 25.305 points average across brokers
- Cheapest
- ThinkMarkets or Pepperstone at 15 points most days
- Notable
- Average swung between 20 and 25.305 on only 2 to 4 brokers per day, with the 30 July peak resting on just 2 reporters, easyMarkets and AvaTrade, both above 25 points.
USD/JPY
stable- Week range
- 1.029 pips average across brokers
- Cheapest
- BlackBull Markets at 0.1 pips every day
- Notable
- Average sat exactly at 1.029 pips all five days across 7 brokers, the flattest reading in the pack, with XM fixed at 2.5 pips throughout.
Broker Spotlight
BlackBull Markets was the tightest broker across the week, topping the cheapest-broker tally with 18 of 45 key instrument-days and posting 0.1 pip quotes on EUR/USD, GBP/USD, and USD/JPY on most days, plus 0.12 USD on XAU/USD. XM was the widest outlier on FX pairs, holding fixed dear quotes all week: 2 pips on EUR/USD, 2.4 on GBP/USD, and 2.5 on USD/JPY, never moving despite tightening elsewhere.
Market Context
- ECB September hike still base case per TD Securities, Friday 31 July, EUR/USD spreads tightened to 0.869 pips average that same day.
- BoJ patience keeps wide trading range per TD Securities, Friday 31 July, USD/JPY spreads held flat at 1.029 pips all week, no reaction visible in the average.
- Gold declines as firmer US Dollar and hawkish Fed outlook weigh, Friday 31 July, XAU/USD average was 8.68 USD that day versus 7.044 earlier in the week, though broker count also fell from 5 to 4.
- Brent conflict risks keep prices elevated per Commerzbank, Friday 31 July, WTI/USD average closed the week at 1.841 points on only 4 brokers.
- Softer BoE stance seen weighing on Sterling per BBH, Friday 31 July, GBP/USD average was 1.1 pips that day, the lowest of the week.
To Watch Next Week
- Upcoming ECB decision commentary may move EUR/USD spreads, watch whether BlackBull Markets and IG Group hold their sub-0.1 pip positioning.", "BoJ policy statements flagged by TD Securities and BNY could affect USD/JPY, though the pair showed zero spread movement this week across 7 brokers.", "Gold spread readings need a broker count check before next week's report, since 30 and 31 July both ran on only 4 brokers instead of 5.", "NAS100 and BTC/USD coverage dropped to 1 to 2 brokers on several days this week, confirm whether ThinkMarkets, ICBrokers, or others resume reporting.