The Week Ahead in Forex: July 26 to July 31, 2026
The week ahead, from July 26 to July 31, 2026, is poised to be significant for forex markets, dominated by major central bank announcements from the Federal Reserve and the Bank of England. These policy decisions will follow a week where the USTEC declined by -1.53% and the JP225 fell by -1.06%, while the UK100 rose +1.39% and the DE40 gained +0.98%. Currency strength over the past 24 hours shows the NZD up +0.29% and AUD up +0.20%, with the CHF down -0.22% and EUR down -0.10%. The risk meter currently stands at +0.04.
As the week begins, traders will observe the latest CFTC non-commercial net positions. Notable figures include EUR at -41.3K, Gold at 183.9K, and Crude Oil at 81.7K. In equity indices, Nasdaq 100 non-commercial net positions are 4.5K, while S&P 500 positions are -16.8K. Retail positioning has seen shifts, with the crowd flipping on USDCHF from 50% long to 55% short in 24 hours, and on AUDUSD from 51% long to 55% short. Retail books currently disagree by 43 points on USDCHF.
Tuesday’s session brings focus to the AUD with RBA Gov Bullock Speaks at 03:05 UTC. Later, the USD will be in view with the CB Consumer Confidence Index at 14:00 UTC, where the consensus is 89.5, following a previous reading of 91.2. This precedes a busy Wednesday for both the AUD and USD. Australia will release several key inflation figures at 01:30 UTC, including Trimmed Mean CPI m/m, with a consensus of 0.4%, and Australia Monthly CPI Indicator y/y, expected at 4.0%. The CPI m/m is anticipated at 0.2%, a notable shift from the previous -0.7%.
The latter half of Wednesday will be dominated by the USD, with the EIA Crude Oil Stocks Change at 14:30 UTC, where the consensus is 5.131M. The main event for the day is the Fed Interest Rate Decision at 18:00 UTC, with the consensus holding at 3.75%. This will be followed by the FOMC Statement and the FOMC Press Conference at 18:30 UTC. On Thursday, attention shifts to the EUR and GBP. The Consumer Price Expectations for the EUR will be released at 09:00 UTC, with a consensus of 40. Later, the BoE Monetary Policy Report, BoE Interest Rate Decision, and Monetary Policy Summary are all scheduled for 11:00 UTC, with the interest rate consensus at 3.75%.
The collective impact of these central bank decisions and inflation reports will be key in shaping the market’s outlook on global monetary policy and currency valuations.
| At a glance | |
|---|---|
| Biggest moves since last week’s open | USTEC -1.53%, UK100 +1.39%, USDCHF +1.36% |
| Currency strength, 24h | NZD strongest at +0.29%, CHF weakest at -0.22% |
| Risk meter | +0.04 (balanced) |
Scheduled this week (High and Medium impact)
| Time | Ccy | Event | Impact | Consensus |
|---|---|---|---|---|
| Tue 03:05 UTC | AUD | RBA Gov Bullock Speaks | High | – |
| Tue 14:00 UTC | USD | CB Consumer Confidence Index | High | 89.5 |
| Wed 01:30 UTC | AUD | Trimmed Mean CPI m/m | High | 0.4% |
| Wed 01:30 UTC | AUD | Australia Monthly CPI Indicator y/y | High | 4.0% |
| Wed 01:30 UTC | AUD | CPI m/m | High | 0.2% |
| Wed 01:30 UTC | AUD | Australia CPI q/q | High | 1.1% |
| Wed 14:30 UTC | USD | EIA Crude Oil Stocks Change | High | 5.131M |
| Wed 18:00 UTC | USD | Fed Interest Rate Decision | High | 3.75% |
| Wed 18:00 UTC | USD | FOMC Statement | High | – |
| Wed 18:30 UTC | USD | FOMC Press Conference | High | – |
| Thu 09:00 UTC | EUR | Consumer Price Expectations | High | 40 |
| Thu 11:00 UTC | GBP | BoE Monetary Policy Report | High | – |
| Thu 11:00 UTC | GBP | BoE Interest Rate Decision | High | 3.75% |
| Thu 11:00 UTC | GBP | Monetary Policy Summary | High | – |
Times are UTC. This brief describes measured market state and the published schedule. It is not financial advice and nothing in it is a trade recommendation.