Highlights of the week

• Fed and Core PCE will drive USD
• BoE and BoJ decisions will guide GBP and JPY
• GDP, inflation and China PMI will test global growth

What Now

Policy divergence is the week’s main FX theme. A hawkish Fed hold or Core PCE at 0.3 percent or higher would support US yields and the dollar, while softer inflation or weaker Q2 GDP would pressure USD. The BoE vote split and guidance will drive GBP, while a continued BoJ tightening bias would support JPY. Further Eurozone disinflation could limit EUR upside, while China PMI holding above 50 would support CNH, AUD and commodity sentiment.

Market Events and Announcements (GMT+3)

Monday, July 27, 2026

• 15:30 – United States (USD) – Durable Goods Orders MoM Preliminary for June, previous -4.50%

Tuesday, July 28, 2026

• 17:00 – United States (USD) – CB Consumer Confidence for July, previous 91.2

Wednesday, July 29, 2026

• 21:00 – United States (USD) – Fed Interest Rate Decision, previous 3.75%
• 21:30 – United States (USD) – FOMC Press Conference

Thursday, July 30, 2026

• 09:00 – Germany (EUR) – GDP Growth Rate QoQ Preliminary for Q2, previous 0.30%
• 14:00 – United Kingdom (GBP) – BoE Interest Rate Decision for July, previous 3.75%
• 15:00 – Germany (EUR) – CPI MoM Preliminary for July, previous -0.30%
• 15:30 – United States (USD) – Core PCE Price Index MoM for June, previous 0.30%
• 15:30 – United States (USD) – Core PCE Price Index YoY for June, previous 3.40%
• 15:30 – United States (USD) – GDP Growth Rate QoQ Preliminary for Q2, previous 2.10%
• 15:30 – United States (USD) – Initial Jobless Claims

Friday, July 31, 2026

• 04:30 – China (CNY) – Manufacturing PMI for July, previous 50.3
• 06:00 – Japan (JPY) – BoJ Interest Rate Decision, previous 1.00%
• 12:00 – Eurozone (EUR) – CPI YoY Preliminary for July, previous 2.80%
• 16:45 – United States (USD) – Chicago PMI for July, previous 56.7