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.

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.

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>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

The Norwegian krone is the official currency of the Kingdom of Norway.  The US dollar is the official currency of the United States of America.

<ul><li>Riksbank expected to stay on hold due to inflation moving along expected lines</li><li>Norges Bank has implicit easing bias but unlikely to deliver rate cuts based on incoming data</li><li>Bank of England keeps rates on hold with closer vote split, markets pricing in gradual rate cuts through early next year</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Riksbank expected to stay on hold due to inflation moving along expected linesNorges Bank has implicit easing bias but unlikely to deliver rate cuts based on incoming dataBank of England keeps rates on hold with closer vote split, markets pricing in gradual rate cuts through early next yearThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

European Rates: BoE and Scandi central bank roundup