Holiday-thinned liquidity did not stop FX from serving drama this week, as traders juggled softer inflation prints, central bank twists, and a fresh dose of geopolitical tension. The dollar ultimately clawed out modest gains against most majors, even as mixed data kept the “cuts vs. inflation” debate alive. Europe’s single currency finished mixed, the pound flexed after a “hawkish cut,” and the franc quietly rode safe-haven flows higher. Meanwhile, the commodity bloc battled shaky Chinese data and choppy oil, with CAD and AUD grinding rather than trending and NZD stuck near the bottom of the pack. At the other extreme, the yen somehow ended the week as the big loser despite the BOJ finally delivering a historic hike.
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