You know, if I look at the on WCRS
, the world currency ranker on the Bloomberg terminal,
all of the majors you mentioned the krona or the
multiple kronin, they've all done better than the dollar
. All of the majors have outperformed the dollar this
year to date. And even if I expand that
, only, you know, Argentina, Turkey,
and India have, have done worse. So does
this dollar. Weakness looks set to continue. Well
, there is the consensus, but you know there
is a slightly different perspective here, because if you
put in half year to date uh into um that
page on, on Bloomberg, uh, the dollar's
actually been performing relatively well. I mean it's not
the best performer right now, but it has been
in recent weeks, it has been at the top
of that table. Um, so from that point
of view, you know, we have got a
, a, a slightly different um uh impact coming
through from the dollar. Since the summer, all
of that decline really was registered in the first part
of the year, and that's pretty interesting because obviously
, you know, we've seen, uh, the
AI trade again gain momentum in the second half of
the year, really since June. Uh, that's
perhaps, uh, uh, helped give, um
, uh, the dollar, you know, a
, a better poise, but also the fact that
, you know, whilst there has been disruption from
Trump's tariff policies, not as much as the market
feared at the start of the year. From that
point of view, the dollar really has settled down
, and you could take that and argue that,
oh, actually all of these market consensus for a
weaker dollar in 2026, maybe that should be moderated
if again you know we get perhaps the US economy
maybe even outperforming market expectations. Jane, getting away
from the US dollar, what are the most important
, what are the other most important pairs that you're
watching? Well, I mean, clearly euro dollar
, dollar yen, I mean cable's been interesting,
it's, it's been really sticky, um, you
know, uh uh uh the pound has sort of
held up above that 130% level really quite well.
But you know, I do think that for 2026
, the dollar yen could be perhaps the most exciting
currency player out there. The yen is extremely,
extremely cheap, uh, and it's quite possible that
with other central banks potentially hiking interest rates by the
end of next year. Maybe the Bank of Japan
has to accelerate the pace of its interest rate hikes
, so an interesting currency pair indeed.