

Taking Stock of USD Pessimism
- Date: 13/06/2025
The US dollar stands at a potentially pivotal juncture. In this research note, we examine the structural drivers behind dollar strength, review the factors behind its recent decline, and evaluate whether investor expectations of further weakness are justified. We underscore the challenges of achieving a Plaza Accord-style agreement in today’s….
Find Out MoreMarket Commentary – May 2025
- Date: 11/06/2025
Key Themes Driving Currency Markets China-US Truce Temporarily Boosts Dollar, but “Big Beautiful Bill” Raises Fiscal Perils Overall USD pessimism continued into May, underpinned by slow progress on trade deals, rising fiscal risks and a downgrade of Moody’s US sovereign rating. Dollar sentiment improved in the first half of May,….
Find Out MoreMarket Commentary – April 2025
- Date: 09/05/2025
Key Themes Driving Currency Markets “Liberation Day” Shock Sinks Dollar At the start of April, President Trump delivered a long-awaited address regarding reciprocal tariffs. “Liberation Day” brought forth a 10% global baseline tariff on all trade partners, with higher – sometimes significantly higher – rates on those deemed to….
Find Out MoreMarket Commentary – March 2025
- Date: 08/04/2025
Key Themes Driving Currency Markets Weight of Uncertainty Sinks USD U.S. trade policy and the global response to tariffs were a primary FX driver in March, but the focus on tariffs was less singular this month, sharing airtime with various macro and policy developments. USD continued to shed tariff premium….
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