What did the dollar do this week?
The dollar held near recent strength against most majors through the week ending Friday, August 14, 2026. EUR/USD traded roughly between 1.153 and 1.158 and closed near 1.1536, per Trading Economics, little changed from where the week opened. USD/JPY eased to about 159.15 by Friday's close. GBP/USD held near 1.352, supported by a steady Bank of England.
Where do the major central bank rates stand?
The Federal Reserve held its target range at 3.50%-3.75% after its late-July meeting, an effective rate near 3.63%. The Bank of England kept its rate at 3.75% for a fifth straight meeting on a 6-3 vote. The ECB deposit rate sits at 2.25%, and the Bank of Japan holds at 1.00%, its highest level since 1995.
What does CFTC positioning data actually show?
Weekly CFTC Commitments of Traders data is the standard gauge of speculative currency positioning, but this week's euro figure could not be confirmed. Independent sources disagreed sharply on direction, with some showing the euro net long and others net short by tens of thousands of contracts. Rather than publish an unverified number, the honest read is that positioning stayed active across majors without a clean, confirmable consensus this week.
Where does volatility stand heading into next week?
The CBOE Volatility Index closed at 14.25 on Friday, extending a run near multi-month lows. That signals calm, not complacency, in options pricing. A VIX this low means the options market is pricing small daily S&P 500 moves, a setup that can unwind quickly once a scheduled catalyst lands.
What's on the calendar for the week ahead?
The week opens with FOMC minutes from the July meeting due Wednesday, August 19 at 2:00 PM ET, followed by a PBoC rate decision and Australian jobs data Thursday, August 20. Flash S&P Global PMIs and monthly options expiration land Friday, August 21, the last full trading day before month-end positioning kicks in.
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