ANZ Reserach summarizes its key FX outlook for the coming week.

"The meeting of presidents Trump and Xi has yet to deliver market-moving outcomes. The USD strengthened this week, driven largely by renewed weakness in JPY and GBP. In contrast, the AUD has held up much better," ANZ notes.

"We expect the AUD to remain a relative outperformer, underpinned by its carry advantage and energy-exporter status, which is an increasingly relevant parallel with the US. Elevated risk appetite reinforces this backdrop: our ANZ Risk Sentiment Index is at an all-time high, providing ongoing support for high-beta FX. JPY and GBP remain structural underperformers. Both are net energy importers facing fiscal uncertainty, while GBP also carries a persistent political-risk premium. These headwinds continue to weigh on relative performance," ANZ adds.