FX weekly recap (NY close): the week ending Friday 24 Jul 2026 was shaped by a firmer US dollar, weaker Japanese yen, and softer New Zealand dollar. USD/CHF led the gainers, USD/JPY also moved higher, and NZD/USD was the weakest major pair. The weekly board was not only USD-led. Several crosses also mattered, with AUD/NZD, EUR/NZD, and EUR/JPY all moving higher as NZD and JPY weakness showed through the broader FX universe.

FX weekly recap: what happened this week

The main story was a mix of USD strength and currency-specific pressure in JPY and NZD. The US Dollar Index (DXY) was firmer across the week, while Reuters reported that the dollar was on pace for its biggest weekly gain since mid-June. Reuters also reported that the yen was set for its largest weekly percentage drop in more than two months, with USD/JPY near long-term highs. See Reuters: dollar and yen weekly context.

This recap uses a consistent NY close weekly measurement approach. Where exact NY close quotes were not available, daily closes were used as a proxy. That keeps the comparison consistent week to week and helps separate broad currency movement from isolated pair noise.

USD strength showed up across majors

USD strength was visible in several places. USD/CHF rose +0.94%, making it the strongest mover in the fixed FX universe. USD/JPY also gained +0.82%, while NZD/USD, GBP/USD, EUR/USD, and AUD/USD all moved lower. That mix made the week meaningfully USD-supported.

The macro backdrop was also important. Reuters reported that higher oil prices, inflation concerns, and stronger expectations around the Federal Reserve’s policy path supported the dollar during the week. For the broad dollar reference, see Investing.com: US Dollar Index historical data.

JPY weakness lifted key crosses

JPY weakness was one of the clearer secondary themes. USD/JPY gained +134 pips, while EUR/JPY rose +97 pips. Reuters also reported that the yen was pinned near 40-year lows at around 163.84 per dollar, with policy sensitivity still high. See Reuters: global markets and yen context.

That matters because JPY movement can influence more than one pair. When USD/JPY and EUR/JPY both rise, the signal is not only about USD. It can also point to broader yen pressure, especially when markets are focused on rate differentials, inflation risk, and intervention sensitivity.

NZD was the soft leg

NZD/USD was the weakest major pair, falling -0.93%. NZD softness also appeared through crosses. AUD/NZD rose +0.66%, while EUR/NZD gained +0.53%. This made NZD one of the common threads across the weekly board.

When one currency appears repeatedly across the top movers, it can point to broader relative strength or relative weakness. In this case, NZD was the soft leg across both USD and cross-pair structures. For background on how crosses work, see cross-currency pair.

Weekly movers table (NY close proxy)

The table below summarises the main weekly movers using the NY close weekly measurement approach, with daily closes used as a proxy where exact NY close quotes were not available. Net moves are shown in pips as a directional summary. JPY pairs use 0.01 as one pip, while most other pairs use 0.0001.

Correlation note: USD strength was visible across majors, while JPY and NZD weakness also shaped the cross-pair board. That made the week both USD-led and cross-led.

What changed from the prior week

The prior weekly boards had been more focused on specific currency recovery or softer USD conditions. This week shifted back toward a firmer dollar, while yen weakness and NZD softness created the strongest secondary themes.

That change matters because FX weeks are not always driven by one clean index move. A firmer DXY can explain part of the board, but crosses often reveal where the real pressure is concentrated. This week, USD/CHF and USD/JPY showed dollar strength, while AUD/NZD and EUR/NZD showed NZD softness away from the dollar.

What to watch next week

• Fed expectations: markets remain sensitive to inflation, oil prices, and the next policy signals from the Federal Reserve.
• JPY sensitivity: USD/JPY remains important because yen levels are still close to long-term lows and policy language can affect volatility.
• NZD follow-through: NZD/USD, AUD/NZD, and EUR/NZD can help show whether NZD weakness continues or stabilises.
• Risk tone: broader risk sentiment, oil prices, and geopolitical headlines remain relevant for high beta FX.

These are watchpoints, not forecasts. The next weekly board will show whether USD strength remains the dominant driver, whether JPY pressure continues, or whether NZD begins to stabilise after a soft week.

For more weekly updates, visit the Market News hub. For broader background on currency markets, start with the Forex hub. Upcoming event risk can also be tracked through the economic calendar. For definitions, visit the glossary hub.

Quick definitions

• NY close: a weekly cut-off used to standardise FX comparisons. See NY close.
• US Dollar Index (DXY): a measure of USD versus a basket of major currencies. See US Dollar Index (DXY).
• Cross-currency pair: an FX pair that does not include USD. See cross-currency pair.
• Relative strength: how one currency performs compared with others across multiple pairs. See relative strength.
• Volatility: how quickly and how far prices move. See volatility.
• Risk sentiment: whether markets are behaving defensively or constructively. See risk sentiment.
• Pip: a standard unit of FX movement. See pip.

Sources

• Reuters: dollar and yen weekly context
• Reuters: global markets and USD/JPY context
• Investing.com: US Dollar Index historical data
• Investing.com: USD/CHF historical data
• Investing.com: USD/JPY historical data
• Investing.com: AUD/NZD historical data
• Investing.com: EUR/NZD historical data
• Investing.com: EUR/JPY historical data
• Investing.com: NZD/USD historical data
• Investing.com: GBP/USD historical data
• Investing.com: GBP/AUD historical data
• Investing.com: EUR/USD historical data
• Investing.com: AUD/USD historical data

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