Let's take a look at how price is actually behaving across markets this week.

FX markets are showing a modest improvement in risk sentiment, with the New Zealand and Australian dollars leading gains while the USD loses ground against the Canadian dollar.

Most major pairs posted relatively small advances, suggesting confidence is improving but remains measured rather than aggressive. Bitcoin also recovered over the week, reinforcing the view that investors are selectively adding risk rather than broadly repositioning.

Futures markets continue to display strong divergence. Energy markets have led performance, while equity indices and the US dollar have weakened.

At the same time, the rise in the VIX alongside gains in oil suggests markets are pricing higher uncertainty rather than broad optimism. Capital continues to rotate between sectors instead of moving uniformly across asset classes.

Equity leadership broadened this week, with gains extending beyond AI infrastructure into financials, networking, and selected consumer technology names.

Meanwhile, traditional defensive sectors delivered comparatively muted performance. This suggests investors are becoming more willing to rotate into growth opportunities while remaining selective about where capital is deployed.

This week's price action is defined by selective risk appetite.

FX is favouring higher-beta currencies, commodities continue to lead futures performance, and equity leadership is beginning to broaden beyond a handful of technology names.

• Broader participation as confidence improves
• Or renewed rotation if leadership narrows again

Focus on where participation is expanding, not just where momentum has already developed.

Strengthen your edge. See the risk MT5 hides.