Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Chief Investment Strategist
Summary: Heavy central bank week ahead with Fed, ECB, Bank of England and SNB scheduled to announce policy decisions. A hold is baked in for all, and commentaries, relative rather than absolute, will matter more for FX markets. USD could gain if soft-landing hopes are retained, and ECB is relatively more dovish. Yen also in focus as BOJ pivot bets could continue.