Crédit Agricole Corporate and Investment Bank
July 14, 2026
FX Daily
Daily UpdateCommoditiesFXRates CreditEnergy
Geopolitical tensions between the US and Iran are driving safe-haven demand for the USD. Markets are now awaiting CPI data and Fed Chair Warsh's testimony to gauge future policy direction.
Key Takeaways
- 1.Escalating US-Iran tensions are driving safe-haven demand for the USD.
- 2.Fed Chair Kevin Warsh's upcoming testimony and US June CPI data are the primary market focus.
- 3.The USD remains expensive according to FX fair value models, suggesting limited room for further long-side expansion.
Table of Contents
- USD: Iran, inflation, Warsh and all that
- Asia overnight
- Introducing RMA!
- Latest publications
- Overnight returns (%, vs USD)
- 1M implied volatility daily change (net, vs USD)
- Open trade recommendations
- Key events
- FX Research advanced tools
- Red Mount Analytics
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Authors
Valentin MarinovDavid ForresterAlexandre Dolci
Securities
NZDAUD/NZD
Themes
Geopolitical RiskUSD Valuation
Regions
Middle EastAsia PacificUnited StatesIranChina