Late July packed a lot into five sessions. Traders came in on Monday with the U.S. and Iran holding off on strikes over the weekend, which pulled the war premium out of oil and took some shine off the dollar's safe-haven bid. From there the week belonged to central banks. The Fed held and skipped forward guidance, the Bank of England held with a hawkish split, and the Bank of Japan held while someone in Tokyo appeared to buy yen in size. Chip stocks ran their own drama alongside all of it, cratering in Korea early in the week and roaring back by Friday. The dollar finished as the weakest major, gold went almost nowhere, crude swung double digits in both directions, and Bitcoin lost ground even as stocks recovered.