This week, our global FX strategists, Meera Chandan, Ben Jarman, Patrick Locke, Octavia Popescu and James Nelligan take a look at FX hedge ratios across Australia, Canada, Scandinavia and the Eurozone, and discuss where further adjustments can impact currencies in 2H’25. We also discuss the latest views on sterling following this week’s fiscal news out of the UK, and explain why US payrolls doesn’t derail the USD downtrend.

This podcast was recorded on 03 July 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at

https://www.jpmm.com/research/content/GPS-4974434-0

https://www.jpmm.com/research/content/GPS-5003828-0

https://www.jpmm.com/research/content/GPS-5003800-0

for more information; please visit www.jpmm.com/research/disclosures for important disclosures.

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