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US trade/ tariffs will be a multi-quarter theme and support for USD. Our bias remains long USD given its growth and yield advantage, but the trading approach needs to be more tactical. A (short) window has opened up for carry/ high beta recovery. Carry still favours the dollar but several high beta have started to screen more attractive. Funders, particularly CHF, will be vulnerable if DM yields stay elevated. DM central banks next week but most ex-Fed not meaningful for FX.
Speakers:
This podcast was recorded on 24 January 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4892246-0 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.
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US trade/ tariffs will be a multi-quarter theme and support for USD. Our bias remains long USD given its growth and yield advantage, but the trading approach needs to be more tactical. A (short) window has opened up for carry/ high beta recovery. Carry still favours the dollar but several high beta have started to screen more attractive. Funders, particularly CHF, will be vulnerable if DM yields stay elevated. DM central banks next week but most ex-Fed not meaningful for FX.
Speakers:
This podcast was recorded on 24 January 2025.
This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4892246-0 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.
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