The report highlights a hawkish turn by the Federal Reserve and its implications for a stronger USD and moderated gold price expectations. Additionally, it provides a UK macro update, noting the BoE's hold on rates and Sterling's valuation headwind.
Key Takeaways
- 1.USD is expected to strengthen as 'credibility premium' fades following a hawkish FOMC pivot.
- 2.BoE holds rates at 3.75% with a cautious outlook, anticipating potential rate cuts in 2027.
- 3.Gold price forecast moderated to $4,900/toz for end-2026 due to the delay in Fed rate cuts.
Table of Contents
- FX OPTIONS TRADING
- GBP Update
- Where Do We Stand on US Inflation?
- COMMODITIES RESEARCH
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Authors
Adam CrookGabriel Hollis
Securities
USDCHFGBPUSD
Themes
Fed Policy CredibilityCentral Bank Policy
Regions
GlobalUnited StatesUK