Due to unforeseen circumstances, we are publishing our forecasts a little later than usual this month. That said, this appears to have been a blessing in disguise given what has been a dramatic start to March. US policy remains a key theme for markets, but now with a much different tone. Gone is the dollar bid on tariff risks, replaced with downside growth concerns. Accompanying this, Russia-Ukraine peace talks, and a regime change in European fiscal policy, have also emerged as key market themes. Put together, this has seen the dollar sink, with the euro a big winner to start the month, a dynamic that argues for a tactical re-set in our FX forecasts.
Read our April 2025 FX Forecasts here:
Author:
Nick Rees, Head of Macro Research
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