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- World economy continues to exhibit uneven growth. US remains an outperformer, with signs of weakening growth in the Eurozone.
- Core inflation remains sticky in most markets, particularly the UK, with risks still tilted to the
upside for inflation.
- Central banks have initiated rate cutting cycles, and will continue on a cautious downward
trajectory in 2025.
- Main currency pairs exhibiting some volatility post the US election. Dollar likely to hold most of
the gains in the near term, but could lose some momentum later in 2025.
- Political uncertainty in France and Germany also likely to weigh on the Euro in the coming
months, risks to the downside for our euro forecasts.
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