Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Chief Macro Strategist
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.