FX Macro Briefing – July 11, 2026

The US Dollar remains resilient across major pairs, with USD/JPY at 161.735 reflecting persistent carry-trade demand and BoJ hold expectations, while EUR/USD at 1.14084 and GBP/USD at 1.33958 show euro and sterling under modest pressure. USD/CAD at 1.41649 indicates greenback strength against a commodity-linked peer, aligned with softer crude at $71.53/bbl. Gold at $4,111.52/oz remains elevated, pricing in real-rate concerns and geopolitical risk premium despite dollar firmness. AUD/USD at 0.69496 reflects mixed risk sentiment—commodity currencies face headwinds from slowing China growth narratives yet hold some ground on relative yield differentials. Watch for any ECB speakers or inflation data releases today; BoJ guidance on rate-hike timing remains a key driver of JPY volatility. Risk events include potential Chinese economic updates and any US inflation-adjacent commentary that could reshape Fed pause-rate expectations. Silver at $59.871/oz is tracking safe-haven flows.