Our forecasts offer a structured view of how we expect major currency pairs to evolve across the near and medium term. Our analysis integrates macroeconomic fundamentals, monetary-policy dynamics, capital-flow trends, and geopolitical event-risk scenarios to translate a complex global backdrop into a set of clear directional views. Forecasts are reviewed and refreshed as conditions change, providing a consistent reference point for decision-makers navigating volatile currency markets.
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Latest Analysis
Open, Shut Them
19 April, 2026
• Ongoing uncertainty. Weekend news the Strait of Hormuz has been closed dampened sentiment. USD a bit firmer. AUD gives back some ground.• Volatile situation. More twists & turns likely. Impact on...
Optimism reigns across financial markets, weighing on the dollar
16 April, 2026
Good morning. Financial markets are in an ebullient mood as investors bet the US and Iran will reach a peace deal in the coming weeks, allowing the Strait of Hormuz to reopen and relieving the supply shock...
Hopes & dreams
14 April, 2026
• Positive vibes. Markets hopeful another round of US/Iran talks yield positive results. Oil lower, equities higher. USD weaker. AUD at multi-week high.• Macro pulse. IMF downgraded global outlook. Australian...
Diplomacy hopes drive dollar lower
14 April, 2026
Good morning. Financial markets are rallying on hopes for a renewal of diplomatic engagement in the Middle East, with some media outlets reporting that US and Iranian negotiating teams could return to...
Iran whiplash forces markets into retreat
13 April, 2026
Hopes for a swift resolution to the war in the Middle East were shattered over the weekend when US-Iran peace talks collapsed and President Trump announced plans to blockade the Strait of Hormuz. Tehran...
One step forward, two steps back
12 April, 2026
• US/Iran conflict. Weekend talks ended without an agreement. Energy prices jumped this morning. USD firmer. AUD & NZD lose ground.• Macro risks. US threatens to blockade the Strait of Hormuz. Downside...
Markets edge higher as inflation surge matches estimates
10 April, 2026
Headline consumer price growth jumped by the most since June 2022 in the United States last month while measures of underlying pressure remained tame, underscoring the challenge facing the Federal Reserve...
Ceasefire optimism fades, leaving markets in retracement mode
09 April, 2026
Markets are giving back some of yesterday’s gains as doubts mount over Tuesday’s US-Iran ceasefire agreement, with Israel pressing its assault on targets in Lebanon, Tehran showing no sign of easing its...
Fragile ceasefire
08 April, 2026
• Holding up. Markets held onto yesterday’s gains stemming from the US/Iran ceasefire news. However there wasn’t much additional follow through in FX.• AUD & NZD. AUD near top of its ~2-week...
Iran relief rally punishes dollar
08 April, 2026
A tentative relief rally is unfolding across global markets after the US and Iran agreed to a two-week ceasefire, with yields falling, equities climbing, and the dollar tumbling against its major rivals...