Global Markets Strategy 12 September 2025 J P M O R G A N Key Currency Views Patiently bearish on the dollar Figure 1: Different factors are driving G10 FX-external/ fiscal balances, equity and commodities momentum-while EM remains dominated by carry for now Source: J.P. Morgan See page 48 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of in ...

Arindam Sandilya AC (65) 6882-7759 arindam.x.sandilya@jpmorgan.com JPMorgan Chase Bank, N.A., Singapore Branch Meera Chandan (44-20) 7134-2924 meera.chandan@jpmorgan.com J.P. Morgan Securities plc Ben K Jarman (61-2) 9003-7982 ben.k.jarman@jpmorgan.com J.P. Morgan Securities Australia Limited Patrick R Locke (1-212) 834-4254 patrick.r.locke@jpmchase.com J.P. Morgan Securities LLC FX Outlook The weak dollar view passes a flow test While the dollar downtrend has been in cold storage over the past two months, ...