This week, our global FX strategists, Meera Chandan, Ben Jarman, Patrick Locke, Octavia Popescu and James Nelligan take a look at FX hedge ratios across Australia, Canada, Scandinavia and the Eurozone, and discuss where further adjustments can impact currencies in 2H’25. We also discuss the latest views on sterling following this week’s fiscal news out of the UK, and explain why US payrolls doesn’t derail the USD downtrend.

This podcast was recorded on 03 July 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at

https://www.jpmm.com/research/content/GPS-4974434-0

https://www.jpmm.com/research/content/GPS-5003828-0

https://www.jpmm.com/research/content/GPS-5003800-0

for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

© 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.