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…
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 latest BIS Triennial Central Bank Survey reaffirms the US dollar’s dominance in global FX markets, highlighting the structural challenges of truly moving away from the USD-centric financial system. The survey conducted in…
The euro’s strong performance this year remains underpinned by structural forces, but near-term headwinds are starting to emerge, arguing for patience in adding exposure.The euro’s sharp 10% appreciation against the Chinese yuan this…
European sentiment indicators weakened again in August and September, reinforcing tactical US outperformance. While the September flash consumer confidence print beat expectations, it is still sluggish. Surveys such as Sentix and ZEW…
The ECB stood pat today, yet the policy path remains fraught with uncertainty as domestic resilience collides with global headwinds. This dichotomy continues to hold important implications for European assets over the coming months.…
A fleeting greenback rally post Fed rate cut will offer a final chance to reset short dollar exposures. See why undervalued Asian FX are poised to lead the next leg lower in USD and how to position now.
UK data momentum is fading, keeping Gilts attractive and GBP vulnerable. At 5.60%, 30-year Gilts trade at their highest yields since the late 1990s, reflecting persistent pressure on the long end across DMs. The Bank of England…
Dollar softness has had little growth impact, and European equities should keep lagging. A key 2025 trend has been USD depreciation, but the associated easing in financial conditions has offered minimal support to US growth,…
European sentiment has moderated, pointing to near-term downside risk for a technically-stretched Euro. The August Eurozone ZEW Expectations index fell to 25.1 from 36.1, with Germany’s reading missing estimates, dropping sharply to…