Quarterly Outlook
Q4 Outlook for Investors: Diversify like it’s 2025 – don’t fall for déjà vu
Jacob Falkencrone
Global Head of Investment Strategy
Global Head of Macro Strategy
Summary: The Xi-Trump agreement to press the pause button on their mutual showdown over trade has triggered a global risk-on celebration. In reaction, the US dollar is weaker across the board, particularly versus the commodity dollars and emerging market currencies.