We discuss our mid-year FX outlook in a rare long-format presentation. Speakers Meera Chandan, Global FX Strategy Arindam Sandilya, Global FX Strategy Junya Tanase, Global FX Strategy Ikue Saito, Japan Markets Research Ben Jarman, Global Economics, Rates &amp; FX Strategy James Nelligan, Global FX Strategy Octavia Popescu, Global FX Strategy Anezka Christovova, Head of EMEA EM Local Markets Strategy Antonin Delair, Global FX Strategy Kunj Padh, Global FX Strategy Patrick Locke, Global FX Strategy This podcast was recorded on 18 June 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5329700-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase &amp; Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Global FX: Bullish Beta, Bullish Dollar

At Any Rate

Hello and welcome to J.P. Morgan's At Any Rate podcast. I'm Meera Chandanko, head of FX Strategy at J.P. Morgan. Very pleased to bring to you this week our full format mid-year-ahead outlook roundup. So this is going to be a quick fire round, slightly longer format than usual. We're going to go around the globe, start with Asia, work our way through Europe and end with the US and Americas.

So as a background, you know, we did, you know, when we wrote our year ahead outlook, that was at the end of November last year. The theme was Bullish Beta, Bearish Dollar. The only part of that view that changed after the US-Iran conflict was the bearish dollar part where we actually had a flip in view. We turned bullish the dollar as, you know, as the conflict started.

The idea was there was a terms of trade component that was helping the dollar. And since then, US exceptionalism has been making a comeback. Beta trades, which is FXCAD, have actually continued to deliver for all the hand-wringing around the dollar view. FXCAD is a strategy that's been paying the bills. You know, returns are pretty substantive year to date, particularly if you're looking at real yield signals. And as we go into the second half of the year, the theme around bullish beta is still unchanged.

You know, that continues to be a core part of the theme. But the difference here is instead of being bullish beta, bearish dollar, we are now bullish beta and bullish the dollar, if that is possible. The reason to be bullish the dollar is US exceptionalism. We've unpacked that multiple times on this platform before.

Global FX: Bullish Beta, Bullish Dollar

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Global FX: Bullish Beta, Bullish Dollar

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.