North American Summary and Highlights 31 July

July 31, 2026 7:19 PM UTC

Overview - The USD saw some recovery but fell to new lows in North America.

Preview: Due August 17 - Canada July CPI - Slightly firmer on energy but with stable core rates

July 31, 2026 7:03 PM UTC

We expect July Canadian CPI to correct higher to 2.9% yr/yr from June’s 2.8% which slipped significantly from May’s 3.2%, on a modest increase in gasoline prices after a sharp fall in June. However, we expect the Bank of Canada’s core rates to be unchanged from June, with CPI-Median at 1.9%, C

U.S. Fed's Barkin - Close call whether rates are high enough

July 31, 2026 5:01 PM UTC

Fed's Barkin, while not a voter tis year, may be speaking for several at the FOMC

U.S. Fed's Kashkari, Hammack and Logan explain their hawkish dissents

July 31, 2026 4:31 PM UTC

The three hawkish dissents at the latest meeting came from the three who dissented against an easing bias in April. They have explained their votes better than Chair Warsh explained the decision to hold.

Preview: Due August 12 - U.S. July CPI - Another subdued month, if less so than June

July 31, 2026 3:51 PM UTC

We expect a subdued July CPI, up by 0.1% overall and 0.2% ex food and energy, with the respective gains before rounding being only 0.06% and 0.19%. This will however be less weak than June’s 0.4% decline overall, with the June core rate ex food and energy having been unchanged.

DM Data Week Ahead: Aug 3-7

July 31, 2026 3:28 PM UTC

US payrolls the major highlight - solid data expected, albeit with unemployment rate correcting back up
Otherwise, a relatively quiet week elsewhere

FX Weekly Strategy: Asia, Aug 3-7

July 31, 2026 3:17 PM UTC

USD/JPY remains the pivotal focus after intervention and sources reports threatening more
US payrolls the main data focus with a quite week elsewhere

USD/JPY Flows - sources reports keep heavy

July 31, 2026 2:18 PM UTC

Reuters sources flag risk of further intervention, keep USD/JPY heavy and edgy

Preview: Due August 3 - U.S. July ISM Manufacturing - Deliveries and prices paid normalizing

July 31, 2026 2:07 PM UTC

We expect modest slippage in July’s ISM manufacturing index to 53.0 from 53.3, extending a dip from May’s bounce to 54.0 which was the highest level since May 2022. 

Chart AUD/USD Update: Leaning lower

July 31, 2026 2:02 PM UTC

The anticipated break above 0.7000 is meeting selling interest beneath congestion resistance at 0.7050

Chart EUR/JPY Update: Choppy trade - studies remain under pressure

July 31, 2026 1:42 PM UTC

Choppy trade following volatile JPY-driven losses is giving way to fresh tests lower

Chart USD/JPY Update: Choppy trade - studies under pressure

July 31, 2026 1:33 PM UTC

The sharp bounce following volatile JPY-driven losses is giving way to choppy trade around 160.00

U.S. Q2 Employment Cost Index - Stabilizing above pre-pandemic trend

July 31, 2026 12:44 PM UTC

The 0.9% increase in Q2’s Employment Cost index is on the high side of expectations. Wages and salaries rise by 0.9%, while benefit costs rise by 1.0%.

Chart EUR/PLN Update: Limited tests higher

July 31, 2026 12:03 PM UTC

The anticipated break below 4.3100 has reached 4.3025, where a minor tick higher in oversold daily stochastics is prompting a bounce back above 4.3100

Chart USD/ZAR Update: Consolidating losses - daily studies under pressure

July 31, 2026 11:47 AM UTC

The anticipated break below 16.6000 has met buying interest above congestion support at 16.4000

Chart EUR/CAD Update: Consolidating gains - daily studies continue to rise

July 31, 2026 11:15 AM UTC

The anticipated test of resistance at 1.6150 is giving way to a minor pullback

Continuum Economics Calendar August 2026

July 31, 2026 11:00 AM UTC

Data and Events Calendar August 2026.

This week's five highlights

July 31, 2026 11:00 AM UTC

FOMC leaves rates unchanged with three hawkish dissents
U.S. Q2 GDP strong outside net exports, inventories and government
BoJ As Expected
USD/JPY Intervened
BOE Split Does Not Mean September Hike

Chart EUR/CHF Update: Consolidating sharp losses - room for a further test lower

July 31, 2026 10:49 AM UTC

Sharp losses have met buying interest just above support at the 0.9267 monthly high of 31 March

Europe Summary and Highlights 31 July

July 31, 2026 9:58 AM UTC

USD/JPY lift limited, BoJ Ueda touch hawkish
EUR/USD held around 1.15 options, EZ HICP up as expected

FX Daily Strategy: N America, Jul 31

July 31, 2026 9:14 AM UTC

BoJ largely as expected, minor lift to Sep pricing
Focus will return to Geopolitics

Chart USD/CHF Update: Under pressure

July 31, 2026 9:05 AM UTC

Consolidation has given way to sharp losses in heightened volatility

Chart USD Index DXY Update: Prices under pressure

July 31, 2026 8:33 AM UTC

Consolidation has given way to a sharp break lower in heightened volatility

Chart EUR/GBP Update: Limited pullback

July 31, 2026 8:14 AM UTC

Consolidation beneath the 0.8585 high of 30 July is giving way to a pullback

Chart EUR/USD Update: Consolidating sharp gains - studies improving

July 31, 2026 7:50 AM UTC

Anticipated gains have reached the 1.1525 Fibonacci retracement in heightened volatility

Psychology for major markets July 30

July 31, 2026 7:45 AM UTC

BoJ keep Rates Unchanged

Chart GBP/USD Update: Extending gains

July 31, 2026 7:34 AM UTC

Sharp reactive buying interest has cleared 1.3400, with prices reaching 1.3475 before settling lower to 1.3450

Chart GBP/JPY Update: Consolidating sharp losses

July 31, 2026 7:30 AM UTC

Choppy trade around the 218.00 level gave way to sharp losses before stabilising at the 212.40, June low

USD/JPY Flows - BoJ Ueda underscores hawkish lean on upside inflation risks

July 31, 2026 7:09 AM UTC

BoJ's Ueda largely echoes, while underscoring more hawkish tilt

Chart AUD/JPY Update: Turned up in consolidation from 110.90 low

July 31, 2026 6:58 AM UTC

Losses through the 112.00 level and 111.30/15 support reached 110.90 low ahead of rebound to consolidate sharp losses

Asia Summary and Highlights 31 July

July 31, 2026 5:33 AM UTC

USD/JPY recovers after suspect intervention
BoJ Kept Rates Unchanged

FX Daily Strategy: Europe, Jul 31

July 31, 2026 5:24 AM UTC

Market Hoping for More Hawkish Forward Guidance from BoJ
But USD/JPY Will Likely be Disappointed
Focus will return to Geopolitics

USD/JPY flows: BoJ Kept Rates Unchanged

July 31, 2026 5:22 AM UTC

BoJ Kept Rates Unchanged

Chart USD/IDR Updates: Extending consolidation

July 31, 2026 5:05 AM UTC

Little change, as prices extending consolidation below the 18090 high following bounce from the 17900/17880 low of last week

Chart USD/INR Update: Extending losses

July 31, 2026 4:58 AM UTC

Under pressure, as prices extend losses from the 96.6700 high through the 95.5000 support

Chart USD/THB Update: Consolidating, room for lower later

July 31, 2026 3:21 AM UTC

Choppy trade has seen extension of loses from the 33.87 high to reach 33.34 low

Chart USD/KRW Update: Consolidating retest of 1420.00 low

July 31, 2026 3:06 AM UTC

Retest of the 1420.00 February current year low has given way to bounce as prices consolidate sharp losses from the 1560.00 high

Chart USD/SGD Update: Consolidating at 1.2810 low, room for lower later

July 31, 2026 2:41 AM UTC

Break of 1.2875 support has seen sharp drop through the 1.2850/36 support before stabilising at 1.2810 low

Chart GBP/USD Update: Room to extend gains

July 31, 2026 2:23 AM UTC

Break above the 1.3400 level has seen gains to reach 1.3477 high before settling into consolidation

Chart EUR/USD Update: Consolidating, room for higher later

July 31, 2026 1:58 AM UTC

Settled back from the 1.1537 high and January channel resistance as prices consolidate strong gains from the 1.1355 low