Crédit Agricole Corporate and Investment Bank
June 19, 2026
USD Enduring Appeal
Weekly UpdateFXEquitiesCommoditiesEnergyInformation Technology
The report highlights the enduring appeal of the USD despite the recent de-escalation of US-Iran tensions. It maintains a bearish stance on EUR/USD citing growth and yield differentials.
Key Takeaways
- 1.The signing of a US-Iran MoU to reopen the Strait of Hormuz has reduced safe-haven demand for the USD and energy price pressures, though geopolitical risks remain.
- 2.Despite near-term volatility, the firm maintains a bearish outlook on EUR/USD due to growth differentials and yield spreads favoring the USD.
Table of Contents
- USD: enduring appeal
- FX and gold outlook
- G10 FX Portfolio
- FX Focus
- 60 days to save the world
- Week ahead: key themes & trades
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Authors
Valentin MarinovDavid ForresterAlexandre Dolci
Securities
EURUSDUSDJPY
Themes
Geopolitical De-escalationHawkish Central Bank Policy
Regions
GlobalMiddle EastEuropeUnited StatesIranJapan