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In this PERSPECTIVES Viewpoint FX: Paradigm shift in the currencies markets – we examine the factors influencing the development of exchange rates in the next twelve months and present our corresponding forecasts.  

 

Key takeaways:

  • After a strong start to the year the USD has suffered due to tariff policy and economic concerns. The EUR, on the contrary, is benefiting from intended fiscal stimulus.
  • The Bank of Japan (BoJ) is expected to speed up the process of monetary normalisation in 2025 due to significant wage hikes. The JPY may also be in demand as a "safe haven". 
  • Despite the U.S. tariffs already imposed on imports from China, the CNY has remained stable to date. It is supported by the PBoC and the planned fiscal stimulus and is likely to depreciate only slightly.

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The PERSPECTIVES Viewpoint is currently available and client-ready for the following regions: Germany, Americas, Europe, Middle East, Africa and Asia Pacific.

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