Summary of Key Points from the Conference Call Industry Overview - **Focus**: Asia FX and Rates Outlook for 2026 - **Key Themes**: Stable USD outlook, potential downside risks, and Asia rates expected to rise as the easing cycle ends Core Insights 1. **USD Outlook**: - Stable USD expected into Q1 2026, with a forecast of a ~2% decline by Q2 2026 and ~4% by end-2026 from current levels [1][5][44] - Risks include elevated foreign positioning in US assets and potential corrections in US equities [10][44] 2. **Asia Rates**: - Anticipation of a broad increase in rates into Q1 2026 as the easing cycle concludes, particularly in the front end [1][25] - Key macro indicators such as PMIs and Nomura's leading index of Asian exports are improving [25] 3. **Top FX Trades**: - Long EUR/INR with a target of 107.7 by end-March 2026, conviction level 5/5 [3][30] - Short SGD/JPY targeting 115.8 by end-March 2026, conviction level 4/5 [3][38] - Long NZD/USD targeting 0.59 by end-March 2026, conviction level 4/5 [3][34] - Short USD/TWD targeting 29.8 by end-May 2026, conviction level 3/5 [3][42] 4. **Economic Growth Projections**: - US growth forecasted at 3.0% q-o-q SAAR in Q1 2026, driven by private consumption and investment [7] - Other major economies (Euro area, Japan, China) projected to grow at lower rates of 1.2%, 1.1%, and 3.2% respectively [7] 5. **Inflation and Monetary Policy**: - Expectations of stable inflation in the US, with the Fed likely to maintain rates unchanged in December 2025 [8] - The Bank of Japan (BOJ) expected to hike rates by 25bp in December 2025 [8] 6. **Risks to USD and Global Markets**: - Potential for larger downside moves in USD due to various factors including a slowing US labor market and concerns over Fed independence [10][44] - Elevated foreign positioning in US portfolio assets poses risks of an unwind [10][44] Additional Important Insights 1. **India's Economic Context**: - India's current account deficit projected to worsen due to high US tariffs, with a merchandise trade deficit of USD41.7 billion in October 2025 [31] - The Reserve Bank of India (RBI) expected to cut rates further, which may pressure the INR [31][30] 2. **China's Economic Dynamics**: - China's growth forecast to slow from 4.9% in 2025 to 4.3% in 2026, but this may not lead to lower rates due to a flat swap curve [29] 3. **Geopolitical Factors**: - Potential for a US-China trade deal and a Russia-Ukraine peace deal could influence market dynamics positively [15][8] 4. **Market Sentiment**: - Caution among investors regarding US equities despite a strong rally in indices like Nasdaq and S&P [10] - Concerns over the sustainability of the AI investment boom and its impact on financial markets [38] 5. **Long-term Investment Strategies**: - Focus on selective positioning for the end of the Asia rates easing cycle, with expectations of higher long-end rates in certain markets [28][25] This summary encapsulates the key points discussed in the conference call, providing insights into the Asia FX and rates outlook, economic projections, and potential risks affecting the market.

Dubai, United Arab Emirates, October 22nd, 2025, FinanceWire B2PRIME Group, a global financial services provider for institutional and professional clients, has announced the appointment of Emanuel Georgouras as its new Chief Revenue Officer (CRO). The move strengthens the company’s executive leadership as it continues to expand its institutional liquidity and technology offerings. Emanuel brings more than 25 years of experience across financial markets, with a strong focus on FX, precious metals, and bul ...