FX weekly recap (NY close): the week ending Friday 03 Jul 2026 was shaped by a softer US dollar and a recovery in high beta FX. The US Dollar Index (DXY) moved lower on the daily close proxy, while NZD/USD, AUD/USD, and GBP/USD led the stronger side of the board. The clearest signal was not only USD weakness. NZD strength also appeared through crosses, with EUR/NZD and GBP/NZD moving lower.
FX weekly recap: what happened this week
The main story was a USD pullback. DXY moved from 101.11 to 100.87 on the daily close proxy, a weekly move of around -0.24%. Reuters reported that the dollar was set for its biggest weekly drop since April after weaker US jobs data lowered expectations for a near-term Federal Reserve rate hike. See Reuters: dollar heads for weekly drop after jobs data.
For the broader dollar reference, see Investing.com: US Dollar Index (DXY) historical data. This recap uses a consistent NY close week window, with daily closes used as a proxy where exact NY close quotes were not available.
NZD led the weekly recovery
NZD/USD was the strongest mover in the fixed FX universe, rising +1.06% from 0.5651 to 0.5711. That move reflected a softer USD backdrop and a recovery in high beta FX after the prior week’s pressure. When NZD/USD rises while NZD crosses also move in the same direction, it can point to broader relative strength rather than one isolated pair move.
The cross-pair evidence was important. EUR/NZD fell -0.94%, while GBP/NZD fell -0.37%. In both cases, NZD strength helped pull the crosses lower. For reference data, see Investing.com: NZD/USD historical data, Investing.com: EUR/NZD historical data, and Investing.com: GBP/NZD historical data.
AUD also recovered after the previous week’s pressure
AUD/USD rose +0.74%, while AUD/JPY rose +0.39%. EUR/AUD also fell -0.62%, which reinforced the same message: AUD was no longer the main pressure point. This was a change from the previous weekly board, where AUD weakness had been one of the dominant themes.
AUD and NZD are often treated as more risk-sensitive currencies. When both recover in the same week, it can suggest a shift in risk sentiment, positioning, or expectations around US rates. That does not predict the next week, but it does help explain where the week’s repricing concentrated.
GBP strength also mattered
GBP/USD rose +0.69%, while GBP/JPY gained +0.35%. Reuters noted that sterling was also supported during the week, with softer USD conditions and local political risk in focus. In this weekly recap, GBP strength was not the biggest story, but it added to the broader pattern of USD softness across several major pairs.
Weekly movers table (NY close proxy)
The table below summarises the top 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.
| Group | Pair | Weekly change | Net move | One-line read |
|---|---|---|---|---|
| Gainer | NZD/USD | +1.06% | +60 pips | NZD recovered as USD softened after weaker US jobs data. |
| Gainer | AUD/USD | +0.74% | +51 pips | AUD rebounded as softer USD supported high beta FX. |
| Gainer | GBP/USD | +0.69% | +92 pips | GBP rose as the dollar weakened and sterling held firm. |
| Gainer | AUD/JPY | +0.39% | +43 pips | AUD recovery outweighed JPY strength through the week. |
| Gainer | GBP/JPY | +0.35% | +76 pips | GBP strength outweighed the yen’s late-week rebound. |
| Loser | EUR/NZD | -0.94% | -191 pips | NZD strength pulled the cross lower. |
| Loser | EUR/AUD | -0.62% | -103 pips | AUD strength weighed on EUR/AUD after the prior week’s AUD pressure. |
| Loser | EUR/GBP | -0.57% | -49 pips | GBP outperformed EUR as sterling strengthened. |
| Loser | USD/CHF | -0.52% | -42 pips | USD softened broadly after the jobs report. |
| Loser | GBP/NZD | -0.37% | -86 pips | NZD strength outweighed GBP gains in the cross. |
Correlation note: USD weakened across several majors, while NZD strength also appeared through crosses. This made the week both USD-led and selectively cross-led.
What to watch next week
- Fed rate repricing: jobs data shifted expectations around the next Fed move.
- USD/JPY sensitivity: Japan’s intervention language remains relevant when yen volatility rises.
- High beta FX recovery: NZD/USD and AUD/USD are useful checks on whether the recovery holds or fades.
- Risk tone: equities, gold, and commodity-linked FX can influence how AUD and NZD trade after a recovery week.
These are watchpoints, not forecasts. The next weekly board will show whether the USD pullback continues, or whether the dollar finds support again after the jobs-data reaction. If DXY stays soft, NZD/USD, AUD/USD, and GBP/USD may remain useful USD checks. If risk tone weakens, high beta FX could give back part of the recovery.
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.
- Risk sentiment: whether markets are behaving defensively or constructively. See risk sentiment.
- Volatility: how quickly and how far prices move. See volatility.
- Liquidity: how easily markets absorb orders. See liquidity.
- Pip: a standard unit of FX movement. See pip.
Sources
- Investing.com: US Dollar Index (DXY) historical data
- Investing.com: NZD/USD historical data
- Investing.com: AUD/USD historical data
- Investing.com: GBP/USD historical data
- Investing.com: AUD/JPY historical data
- Investing.com: GBP/JPY historical data
- Investing.com: EUR/NZD historical data
- Investing.com: EUR/AUD historical data
- Investing.com: EUR/GBP historical data
- Investing.com: USD/CHF historical data
- Investing.com: GBP/NZD historical data
- Reuters: dollar heads for weekly drop after jobs data
- Reuters: Fed seen less likely to raise rates as job growth slows
FAQs
The main theme was a USD pullback after weaker US jobs data. NZD/USD led the gainers, while AUD/USD and GBP/USD also moved higher.
NZD/USD rose as the dollar weakened and high beta FX recovered. NZD strength also appeared through EUR/NZD and GBP/NZD, which helped confirm the broader weekly pattern.
EUR/NZD fell because NZD was the stronger leg of the pair. In cross-currency pairs, one currency can drive the move even when the other side is relatively stable.
No. A weekly movers list explains what changed during the measured window. The next week can bring continuation, stabilisation, or reversal depending on data, policy tone, liquidity, and risk sentiment.
FX trades around the clock during the week, so a consistent cut-off is needed. NY close helps standardise weekly comparisons and makes each recap easier to compare with previous weeks.
