Week in Brief
EUR/USD spreads widened from 0.869 to 0.901 pips average this week, an increase of roughly 3.7%, as markets positioned into Friday's US Nonfarm Payrolls release. BlackBull Markets was cheapest on EUR/USD, GBP/USD and USD/JPY all week at 0.1 pips, while XM was consistently the dearest quote across those same pairs. Index spreads on GER40 and NAS100 tightened notably, with BlackBull Markets cutting its GER40 quote 63% from 3.5 to 1.3 points.
Spread Movements by Instrument
EUR/USD
widened- Week range
- 0.869 to 0.901 pips average across 8 to 9 brokers
- Cheapest
- BlackBull Markets at 0.1 pips all week
- Notable
- Average widened from 0.869 on Monday to 0.901 by midweek and held there into Friday's NFP release, while XM stayed dearest at 2 pips throughout.
GBP/USD
stable- Week range
- 1.100 to 1.131 pips average across 7 to 8 brokers
- Cheapest
- BlackBull Markets at 0.1 pips all week
- Notable
- Average moved from 1.100 to 1.131 between Monday and Tuesday then held flat for the rest of the week, with XM dearest at 2.4 pips throughout.
USD/JPY
stable- Week range
- 1.029 pips average across 7 brokers, unchanged all week
- Cheapest
- BlackBull Markets at 0.1 pips all week
- Notable
- Average, cheapest, and dearest quotes (BlackBull Markets 0.1, XM 2.5) were identical on all five trading days.
XAU/USD
stable- Week range
- 7.044 to 8.68 USD average across 4 to 5 brokers
- Cheapest
- BlackBull Markets at 0.12 USD all week
- Notable
- Average alternated between 8.68 and 7.044 depending on whether the thin 4 or 5 broker sample was used.
WTI/USD
stable- Week range
- 1.672 to 1.866 points average across 4 to 5 brokers
- Cheapest
- Swissquote at 0.052 to 0.062 points
- Notable
- Average dipped to 1.672 on Wednesday when a fifth broker joined the sample, then returned toward 1.841 to 1.866 as headlines cited Hormuz tension pushing oil prices higher.
US500
tightened- Week range
- 0.675 to 0.725 points average across 4 brokers
- Cheapest
- IG Group at 0.4 points all week
- Notable
- Average eased from 0.725 to 0.675 as BlackBull Markets cut its quote 29%, from 0.7 to 0.5 points.
GER40
tightened- Week range
- 2.343 to 3.077 points average across 3 brokers
- Cheapest
- BlackBull Markets at 1.3 points from Tuesday onward
- Notable
- Average fell from 3.077 to 2.343 after BlackBull Markets cut its quote 63%, from 3.5 to 1.3 points, on Tuesday; only 3 brokers report this instrument, so the move should be read with that thin coverage in mind.
NAS100
tightened- Week range
- 1.483 to 1.883 points average across 3 brokers
- Cheapest
- ThinkMarkets at 0.8 points on most days
- Notable
- ThinkMarkets cut its quote 38%, from 1.3 to 0.8 points, and average spread eased from 1.65 to 1.483 by Friday despite a one-day spike to 1.883 on Thursday; only 3 brokers cover this instrument.
BTC/USD
tightened- Week range
- 20.0 to 21.91 price-points average across 2 to 4 brokers
- Cheapest
- ThinkMarkets at 15.0 points from Tuesday onward
- Notable
- Average fell from 21.25 to 20.165 across the week but broker count ranged from just 2 to 4, so day-to-day average swings partly reflect coverage changes rather than pure spread moves.
Broker Spotlight
BlackBull Markets was the tightest broker overall, topping the cheapest-broker tally with 25 of 45 key instrument-days, and posted the lowest quotes on EUR/USD, GBP/USD, USD/JPY, XAU/USD, GER40 and NAS100 at various points this week. XM was the widest outlier on major FX pairs, quoting 2.0 pips on EUR/USD, 2.4 on GBP/USD, and 2.5 on USD/JPY every day, 20 times the BlackBull Markets quote on the same pairs.
Market Context
- Gold rose above 4,300 USD on Friday as traders braced for US Nonfarm Payrolls, though the reported XAU/USD spread pack shows averages in the 7 to 8.68 USD range rather than tracking that price level directly since these are spread values not quotes.
To Watch Next Week
- US July Nonfarm Payrolls released Friday 7 August, likely to affect EUR/USD, GBP/USD and USD/JPY spreads into the following week.
- Oil price moves tied to Hormuz tension headlines, worth tracking against WTI/USD spread behavior which showed a mid-week dip to 1.672 points.
- GER40 and NAS100 spread coverage remains at only 3 brokers each, watch whether BlackBull Markets and ThinkMarkets tightening holds or reverts as more brokers are added.