«2026 Sneak Preview»
We retain our bearish USD bias going into 2026. Growth and monetary policy asymmetries plus the persistent US twin deficit are the main drivers of our bearish USD view. However, the potential for US economic and inflation resilience should not be underestimated …
Economy & Interest Rates
Global growth conditions continued to improve gradually with most country forecasts pointing to slightly better growth prospects in 2026, notably in Europe. Business sentiment improved …
FX Markets
The USD DXY inched 0.5 lower in November with all major currencies gaining some ground versus the USD except for the JPY. EM FX performance was mixed with BRL and CNH gaining and INR and TRY losing. Speculative oversold USD positions …
FX Analytics
We kept all discretionary Macro positions unchanged with EUR, JPY, CHF and SEK long versus the USD. The Macro interest rate model shifted short JPY. In Business Sentiment, the short CHF position switched to …
