AXIOM Macro Terminal
Reviewed public research
Dominant regime

Selective defensive USD + weak high beta + selective carry, with no clean risk-on regime.

The week does not confirm broad risk-on or a classic full risk-off regime. USD shows relative strength against several currencies, while AUD and NZD remain pressured in spot. Precious metals weakened, so defensive demand is not cleanly confirmed through gold or silver.

Week2026-W25
Public modemanual_weekly_report
Strongest currencyUSD - best relative balance, but not clean enough for blind chasing.
Weakest operational currencyJPY - operationally vulnerable due to extreme institutional short, BoJ risk and JGB 10Y near the 2.75% threshold.
Main technical scenarioAUD/USD - post-RBA bearish-pressure study - conditional Tier B.
Main vetoUSD/JPY before BoJ
Manual dashboard

Weekly state

System action

Wait for central-bank events and require post-catalyst human review.

Execution alert

FX spot used as macro reference was available only through 11/06/2026; any execution-grade work requires MT5/broker pricing.

Top risks

  • Central banks may dominate and invalidate static scores.
  • Selective USD strength may continue without broad risk-on confirmation.
  • Funding or crowded shorts may squeeze in JPY, CHF or CAD.
  • AUD/NZD may recover if rates reprice after the RBA.

Data gaps

  • Real OIS.
  • FX spot close for 12/06/2026.
  • VIX, equity indices and credit spreads.
  • Oil.
  • EUR 2Y and 10Y.
  • GBP 2Y.

Full report

The full English W25 report is available in the AXIOM FX layout.

Open full report