---
type: weekly-note
date: 2026-07-31
week-of: 2026-07-27
week-end: 2026-07-31
status: prepopulated
generated: 2026-06-16T15:10:49
location: Zurich, Switzerland (Europe/Zurich)
---

# Weekly Note — Week of 2026-07-27 (closes 2026-07-31)

## 1. Regime dashboard (pre-filled, edit)

| Axis | Direction | One-line read |
|---|---|---|
| Growth | ↓ | _your read_ |
| Inflation | ↓ | _your read_ |
| Policy | ↑ | _your read_ |
| Positioning | ↓ | _your read_ |


## 2. What changed this week (your read)

_3-4 paragraphs. Data vs market pricing. What's the gap, and is it closing or widening?_

## 3. COT / positioning corner

| Instrument | CFTC date | Noncomm net | Open interest |
|---|---|---:|---:|

_CTA positioning estimate: derive from COT extremes + your read._

## 4. Chart of the week

_Embed chart from `_assets/`. Apply the [[../../00-methodology/decision-process]] checklist._

## 5. Book update

- Positions: _list with current P&L_
- P&L MTD: _bp of NAV_
- Changes this week: _add/trim/exit with reason (link to trade folders)_
- Realised vs unrealised split: _

## 6. Week ahead

### This week's events

| Date | Time (Zurich) | Tier | Event |
|---|---|---|---|
| Mon 07-27 | 22:00 | structural | Gold ETF Flows (GLD NAV update) |
| Tue 07-28 | 22:00 | structural | Gold ETF Flows (GLD NAV update) |
| Wed 07-29 | 14:30 | T2 | US Treasury Quarterly Refunding Announcement |
| Wed 07-29 | 20:00 | T1 | FOMC Rate Decision |
| Wed 07-29 | 22:00 | structural | Gold ETF Flows (GLD NAV update) |
| Thu 07-30 | 22:00 | structural | Gold ETF Flows (GLD NAV update) |
| Fri 07-31 | 03:00 | T2 | China NBS Manufacturing PMI (July 2026) |
| Fri 07-31 | 05:00 | T1 | BoJ Monetary Policy Meeting (Decision) |
| Fri 07-31 | 11:00 | T2 | Eurozone HICP Flash (July 2026) |
| Fri 07-31 | 14:30 | T2 | US PCE (June 2026) |
| Fri 07-31 | 21:30 | structural | CFTC COT Report |
| Fri 07-31 | 22:00 | structural | Gold ETF Flows (GLD NAV update) |

### Full universe weekly performance

| Ticker | Bucket | Name | Last | 1w % | 1m % |
|---|---|---|---:|---:|---:|
| BNO | Commodity | Brent Crude | 47.82 | -6.60% | -14.38% |
| CPER | Commodity | Copper | 39.55 | +3.86% | -1.79% |
| CORN | Commodity | Corn | 16.80 | -1.52% | -11.49% |
| GLD | Commodity | Gold | 386.54 | -2.45% | -10.21% |
| UNG | Commodity | Natural Gas | 11.35 | -2.74% | +3.37% |
| SLV | Commodity | Silver | 61.29 | -0.45% | -22.76% |
| SOYB | Commodity | Soy | 24.13 | -0.21% | -4.85% |
| USO | Commodity | WTI Crude | 125.43 | -5.71% | -11.69% |
| WEAT | Commodity | Wheat | 22.34 | +0.27% | -11.94% |
| HYG | Equity-beta | HY OAS (HYG as proxy) | 79.94 | +0.64% | +0.55% |
| QQQ | Equity-beta | Nasdaq 100 (Micro E-mini) | 744.00 | +3.90% | +3.36% |
| IWM | Equity-beta | Russell 2000 (Micro E-mini) | 294.64 | +3.95% | +3.83% |
| SPY | Equity-beta | S&P 500 (Micro E-mini) | 741.75 | +0.57% | -0.08% |
| ^VIX | Equity-beta | VIX | 16.07 | -15.06% | -12.81% |
| FXA | FX | AUD/USD | 69.80 | +0.07% | -2.69% |
| BTC | FX | Bitcoin | 66,092 | +3.98% | -12.84% |
| FXE | FX | EUR/USD | 106.83 | +0.51% | -1.06% |
| FXB | FX | GBP/USD | 128.88 | +0.59% | -0.72% |
| UUP | FX | US Dollar Index (DXY) | 27.95 | -0.25% | +1.60% |
| FXC | FX | USD/CAD | 69.90 | -0.23% | -1.94% |
| FXF | FX | USD/CHF | 110.71 | -0.09% | -1.88% |
| FXY | FX | USD/JPY | 57.26 | -0.09% | -1.56% |
| IEGA | EU rates | Bund (DE 10y) | 109.89 | +0.81% | +0.84% |
| IEGA | EU rates | OAT (FR 10y) | 109.89 | +0.81% | +0.84% |
| IEGA | EU rates | Schatz (DE 2y) | 109.89 | +0.81% | +0.84% |
| FXY | JP rates | JGB (JP 10y) | 57.26 | -0.09% | -1.56% |
| IBGL | UK rates | Gilt (UK 10y) | 141.49 | +2.25% | +2.45% |
| TIP | US rates | 10y TIPS (real yields) | 109.61 | +0.33% | -0.21% |
| IEF | US rates | 10y UST | 94.28 | +0.81% | +0.36% |
| SHY | US rates | 2y UST | 82.11 | +0.26% | +0.24% |
| TLT | US rates | 30y UST | 85.72 | +1.30% | +1.34% |
| IEI | US rates | 5y UST | 117.21 | +0.41% | +-0.00% |
| SHY | US rates | SOFR 3M (front) | 82.11 | +0.26% | +0.24% |

## OpenTimestamps hash (when publication track opens)

`pending`

## Pseudonym footer

`pending`