摩根大通：外汇年中展望-2025 年下半年货币市场的十个问题

J P M O R G A N Global FX Strategy 27 June 2025 FX Mid Year Outlook Ten questions (and answers) on currencies in 2H25 Outlook:Stay bearish USD. Valuation undershoots vs. rates/ equities, positioning, and a paucity of discrete catalysts are not a constraint for further weakness. Quality of USD carry has deteriorated and the dollar smile has widened. Historical data across DMs shows that FX hedge rebalancing should continue to act as a dollar depressant. Significant CNY strength is not a pre-condition for USD ...