FX Weekly Recap: July 28 – August 1, 2025

What a week to be alive in FX land! July's final act delivered more plot twists than a Netflix thriller. The big driver was likely Trump's tariff blitz, hitting everyone from Switzerland (ouch, 39%!) to India.  We also watched the Fed play hard-to-get with rate cuts despite two governors practically begging for easing, and ended with a jobs report so weak it sent traders scrambling to reprice September Fed odds. Between geopolitical & trade uncertainty, and the dollar's dramatic end-of-week reversal, this was the kind of week that separates the FX veterans from the rookies.

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