We think currencies will follow non-linear paths in 2025 against a highly-turbulent global economic backdrop.

Note: Our forecasts are predicated on an outlook in which the US staves off recession, a financial crisis does not occur, and major global geopolitical shocks are avoided. Among other risks, an unexpectedly-abrupt economic deceleration, plunge in asset prices, or outbreak of war could see safe haven and funding currencies—principally the dollar—outperforming their rivals, and throwing the assumptions outlined in this report into question.