FX Weekly Recap: July 7 – 11, 2025

What a week it was for currency markets! Trump's tariff threats dominated FX trading from start to finish, with the drama starting with 25% levies hitting Japan and South Korea early on, and then escalated with Brazil facing a brutal 50% tariff.  And just when traders thought they'd seen it all, Canada got blindsided with a 35% threat on Friday. Meanwhile, the Aussie dollar staged a solid rally after the RBA shocked markets with a surprise rate hold, while Fed meeting minutes arguably sparked fresh dollar weakness with dovish hints. Let's break it all down by currency, shall we?

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