Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

Commodities

Gold is a chemical element with the symbol Au (from Latin: aurum) and the atomic number 79. In its purest form, it is a bright, slightly reddish yellow, dense, soft, malleable and ductile metal. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements, and is solid under standard conditions. The metal therefore occurs often in free elemental (native) form, as nuggets or grains, in rocks, in veins and in alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum) and also naturally alloyed with copper and palladium. Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).

<ul><li>Precious metals sub index has surged by 62% year to date, base metals are up 11%, oil has declined by 16%, and agricultural livestock index has been flat</li><li>Forecasting broadly flat returns for 2026, with declines in energy offset by price increases in metals and agriculture</li><li>Gold price expected to rise to $5,000 per ounce by end of 2026, driven by supply inelasticity, central bank demand, and investor inflows</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Precious metals sub index has surged by 62% year to date, base metals are up 11%, oil has declined by 16%, and agricultural livestock index has been flatForecasting broadly flat returns for 2026, with declines in energy offset by price increases in metals and agricultureGold price expected to rise to $5,000 per ounce by end of 2026, driven by supply inelasticity, central bank demand, and investor inflowsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: 2026 Outlook – Supply-driven crocodile cycle

FX & Rates

The euro is the official currency of the European Economic & Monetary Union.  The US dollar is the official currency of the United States of America.

<ul><li>Global team focusing on what's new for 2026 in terms of market outlook</li><li>Bullish on Eurodollar, expecting more modest gains due to US resilience</li><li>Dollar maintains yield supremacy, but new cyclical currencies emerging as carry efficient options for hedging volatility shocks</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global team focusing on what's new for 2026 in terms of market outlookBullish on Eurodollar, expecting more modest gains due to US resilienceDollar maintains yield supremacy, but new cyclical currencies emerging as carry efficient options for hedging volatility shocksThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX Outlook 2026: Bearish USD, Bullish Beta

The Australian dollar is the official currency of the Commonwealth of Australia.

<ul>
<li>Macro crew discussed a benign outlook on carry fairly risk on climate for the first half of the year</li>
<li>FX vols expected to be fairly contained in 2026 due to factors like US growth and central bank activity</li>
<li>Themes for positioning in 2026 include bullish European growth, antipodean FX, and bearish Yen outlook</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Macro crew discussed a benign outlook on carry fairly risk on climate for the first half of the year
FX vols expected to be fairly contained in 2026 due to factors like US growth and central bank activity
Themes for positioning in 2026 include bullish European growth, antipodean FX, and bearish Yen outlook

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

<ul><li>Strong gold demand in 3Q25, totaling almost 980 tons, leading to a surge in demand inflow</li><li>Expectation of continued central bank buying and investor demand growth in 2026</li><li>Bullish outlook for gold prices, with potential risks including rate sensitivity and potential tariff uncertainties for other precious metals</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Strong gold demand in 3Q25, totaling almost 980 tons, leading to a surge in demand inflowExpectation of continued central bank buying and investor demand growth in 2026Bullish outlook for gold prices, with potential risks including rate sensitivity and potential tariff uncertainties for other precious metalsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Metals headed for even greater heights

<ul>
<li>Chinese purchases of US agricultural products are expected to increase gradually but may take time due to seasonality and price competitiveness</li>
<li>US farmers may see more optimism in the 2026-2027 season as trade discussions with China improve and market participation increases</li>
<li>The complex nature of US-China trade relations and the continued volatility in the agricultural markets make for a clouded outlook, but there is potential for growth and market shifts in the near future.</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Chinese purchases of US agricultural products are expected to increase gradually but may take time due to seasonality and price competitiveness
US farmers may see more optimism in the 2026-2027 season as trade discussions with China improve and market participation increases
The complex nature of US-China trade relations and the continued volatility in the agricultural markets make for a clouded outlook, but there is potential for growth and market shifts in the near future.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Agri Outlook for 2026/27: Volatility to Return off Compressed Levels in 2026

At Any Rate
Podcast by J.P. Morgan analysts on global markets
• At Any Rate

Global Commodities: 2026 Outlook – Supply-driven crocodile cycle

The precious metals sub index has experienced a significant increase, with gold price expected to reach $5,000 per ounce by the end of 2026, while...

At Any Rate

Global FX Outlook 2026: Bearish USD, Bullish Beta

Global team predicts euro dollar to rise to 116-118 in the near term, with a narrower dollar weakening compared to 2025, while offering efficient...

At Any Rate

Global FX Volatility Outlook 2026

Mira and the macro crew provided a positive outlook on carry and risk for the first half of 2026, predicting contained FX vols, low central bank...

At Any Rate

Global Commodities: Metals headed for even greater heights

In the third quarter of 2025, gold demand surged to nearly 980 tons, driven by a price increase, with expectations for continued strong central...

At Any Rate

Agri Outlook for 2026/27: Volatility to Return off Compressed Levels in 2026

Trade levels with China remain steady, US agricultural product sales not expected to increase significantly in the short term, South American...

At Any Rate