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Heartbeat, 8.0 hours after the last entry, and the board is quiet into the day's one scheduled event: every G8 currency's median 1h move sits inside 5bp this cycle (USD +4.37bp the firmest, GBP -2.60bp and AUD -2.00bp the softest), no unexplained move, no captured print, no speech.

The only print since the last entry is a low-impact one from the briefing — Canadian Q2 corporate profits +8.7% q/q vs -2.0% previous — and CAD's median is +2.78bp, a small breather after two cycles of tariff bleeding rather than anything that reads as a reversal. I re-checked the CAD un-collapse trigger: nothing new.

The post-collapse facts stand (Carney calling the tariffs 'a miscalculation', dollar-for-dollar retaliation pending), and the only softer headlines search surfaces are still the August 19 'Trump expected to slash tariffs' story from the pre-breakdown window. The main event is Bessent's sanctions press conference at 18:00 UTC, 222 minutes out.

Ahead of it the tape is de-risking rather than bracing: Brent slipped about 1.3% to around $93 and WTI to just under $86 on profit-taking after both gained more than 5% last week, the rial has plunged to a record low, and Iran's security chief Mohsen Rezaei says any country supporting the sanctions commits an act of war and threatens 'seismic' retaliation and seizure of vessels breaching Hormuz transit rules.

Two softer signals sit alongside the rhetoric — Pakistan's army chief Asim Munir arrived in Tehran today for what Islamabad frames as peace-and-stability talks, and Iran is letting a number of Iraqi tankers through the strait — so the standoff remains economic, not kinetic, and the package itself is a scheduled, public event that will land on a measured board.

Equities are flat-to-soft (S&P about -0.2%) with Warsh's Jackson Hole keynote Thursday and July PCE Wednesday as the week's USD events. Nothing here makes the measured signals wrong about the regime. No override, and no active overrides to keep or lift. Next risk: Bessent 18:00 UTC — the FX expressions to watch remain a CHF haven bid and a CAD oil tail if secondary enforcement is broad enough to move crude, and a snap-reversal CAD gap if the trade story un-collapses.