The latest FX Weekly Signals point to a more selective backdrop. DM remains modestly positive (+0.05) , while EM has slipped back to roughly flat (-0.01) . In G10, GBP (+0.50) and EUR (+0.40) continue to lead. GBP is being supported mainly by fair value and carry , while EUR is driven by fair value and regime , with carry still a drag. SEK (+0.38) also stands out as a broad-based positive. On the other side, AUD (-0.47) is now the weakest developed-market signal, with trend and fair value the main headwinds, while JPY (-0.27) remains soft and CAD is essentially neutral. In EM, INR (+0.64) remains the clearest positive signal, with strength across almost all components, and ZAR (+0.35) is also constructive. CNY (-0.46) and BRL (-0.39) remain the weakest signals, while KRW (-0.26) has also turned more negative as poor carry and liquidity outweigh better regime and valuation inputs.
