Quarterly Outlook
Q4 Outlook for Investors: Diversify like it’s 2025 – don’t fall for déjà vu
Jacob Falkencrone
Global Head of Investment Strategy
Chief Investment Strategist
Summary: USD extended its slide for a second consecutive week as disinflation and peak rate narratives remain front and centre. This week’s US PCE data and Eurozone CPI should further reaffirm those trends, supporting a risk-on and dollar-negative sentiment. However, China momentum will get a PMI test and any reversals could propel the dollar higher once again.