The report analyzes currency market dynamics in a 'collared' USD environment, highlighting a shift toward domestic factors like rate differentials and offering strategic views on CNY, GBP, JPY, INR, THB, CHF, and ILS.
Key Takeaways
- 1.The US Dollar remains trapped in a narrow trading range due to competing forces of a global AI boom/energy supply bust vs. cyclical domestic factors.
- 2.CNY continues to demonstrate resilience and strength, with expectation for further appreciation targets.
- 3.Short THB/INR recommendation is issued based on increasing carry potential in the Rupee and structural challenges for the Thai Baht.
Table of Contents
- Our thoughts on USD, CNY, GBP, JPY, NJA FX, CHF & ILS
- Global FX Forecasts
- Return Forecasts & Valuations
- Disclosure Appendix
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Authors
Kamakshya TrivediMichael CahillDanny SuwanaprutiTeresa AlvesKaren Reichgott FishmanStuart JenkinsVictor EngelLexi Kanter
Securities
USD/CNYTHB/INR
Themes
Energy impact on FXShift from Global to Domestic Drivers
Regions
Asia PacificEuropeMiddle EastUnited StatesChinaUnited Kingdom