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- Risk appetite improves following decreased uncertainty on US trade policy as deals concluded with EU, UK, and Japan.
- Market focus is now on the central bank policy, as the Fed pivots to rate cuts.
- Fed set to cut rates twice more by end-25. ECB cutting cycle has ended. BoE rates trajectory remains uncertain.
- The dollar is set for weakest year since early 2000s.
- Euro likely to hold most of its gains, while sterling could remain on the defensive.
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