J P M O R G A N Global FX Strategy 11 July 2025 Key Currency Views Why the bearish dollar view still holds Figure 1: Various systematic/technical indicators have turned less USD-bearish; while this could lead to consolidation in the near term, we are downplaying the significance on the medium-term view Source: J.P. Morgan See page 49 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 ...