«Two-Way Volatility Risks»
Global FX volatility has declined significantly over the last six months despite ongoing high geopolitical, policy, economic and market uncertainties. Whether this disconnect will hold or break will be a key driver of FX outcomes in 2026. Moreover, …
Economy & Interest Rates
There has been no notable change in global growth conditions at the end of 2025. Forecasts have remained broadly unchanged, business sentiment stagnated in a sluggish range and consumer sentiment softened slightly. Overall, we expect …
FX Markets
The USD DXY dropped 1.4% in December 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 TRY losing again significantly. Speculative positions are …
FX Analytics
We kept all discretionary Macro positions unchanged with EUR, JPY, CHF and SEK long versus the USD. In Business Sentiment, the CHF position went to long CHF versus the EUR. The balance of all Business Sentiment positions is 60% short USD. In Technical, …
