Global macro transmission monitor – Week ending July 3, 2026
Executive transmission map
The macro transmission chain rotated back toward USD resilience last week as labor-market data softened but remained sufficiently robust to sustain confidence in the broader economic backdrop. Canadian growth surprised positively, while weaker US payrolls contrasted with a lower unemployment rate and stable wage growth.
Inflation expectations remained relatively firm, supporting the dollar and rates markets while limiting participation across gold and defensive assets. Oil and copper retained support through cyclical resilience despite softer manufacturing activity.
u/LMtrades — 1 hour ago