Currencies
MacroQuant has downgraded equities to underweight, favors a below-benchmark duration stance in fixed-income portfolios, remains bearish on the US dollar, and is still bullish on gold.
This year, we once again present our 2026 outlook as a retrospective from the future – a future in which the AI boom turned to bust.
Next week, please join me for a Webcast on Wednesday, December 17 at 10:30 AM EST (3:30 PM GMT, 4:30 PM CET) to discuss the economy and financial markets. We will also host a Webcast for APAC on Tuesday, December 16 at 8:00 PM EST (9:00 AM HKT+1 day).
And with that, I will sign off for the year. I wish you and your loved ones a very happy and healthy 2026. We will be back on Friday, January 2 with our MacroQuant Model Update.
MacroQuant remains tactically overweight equities, favors an above-benchmark duration stance in fixed-income portfolios, remains bearish on the US dollar, and is bullish on gold.
Long-term investors should own gold. The network effect that makes gold the physical ‘insurance asset’ of choice will generate long-term outperformance. But long-term investors should also own bitcoin. The network effect that makes bitcoin the digital ‘insurance asset’ of choice will generate long-term outperformance that betters even gold.
Markets are increasingly pricing an end to the global easing cycle, with many central banks expected to remain on hold. But uncertainty remains high, and policy surprises are likely going into 2026. This Strategy Report breaks down the current drivers behind G10 central bank policies, and how to position for the next moves across FX and fixed income.
MacroQuant is tactically overweight equities, favors an above-benchmark duration stance in fixed-income portfolios, remains bearish on the US dollar, and is bullish on gold and copper.
Markets are increasingly pricing an end to the global easing cycle, with many central banks expected to remain on hold. But uncertainty remains high, and policy surprises are likely going into 2026. This Strategy Report breaks down the current drivers behind G10 central bank policies, and how to position for the next moves across FX and fixed income.
Speculative froth has built up across all precious metals, yet gold’s structural tailwinds will allow it to weather corrections better than its peers.