U.S. preliminary July University of Michigan consumer sentiment index and preliminary one‑year inflation expectations due in 10 minutes.

Cost of hedging dollar volatility has dropped to its lowest level this year. This week the one‑month implied volatility on the dollar spot index fell to its lowest since December, reversing much of the spike after the March outbreak of the Iran war. Despite Fed policy uncertainty and renewed Middle East tensions, traders signal a very low probability of a major shock to the global reserve currency. The calm is reinforcing a key market theme: US equity resilience and reduced currency volatility are drawing flows into arbitrage and carry trades that profit from interest‑rate differentials when FX and risk appetite are stable. ING FX strategist Francesco Pesole called the fall in dollar volatility striking and said AI‑driven equity resilience appears to be stabilising exchange rates and sustaining a self‑reinforcing low‑volatility, carry‑dominated environment; he added that a tech sell‑off would likely not deter demand for these strategies.

美國總統特朗普：很快就會看到我們在伊朗取得勝利的成果。