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Meera Chandan, Natasha Kaneva, Anezka Christovova, Junya Tanase and Patrick Locke discuss the outlook for gold/ the dollar, emphasize the case for cyclical FX, re-examine the prospects for yen following political developments in Japan and look ahead to next steps in the US government shutdown.

This podcast was recorded on 10 October 2025.

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

https://www.jpmm.com/research/content/GPS-5098922-0, for more information; p

Global FX and Commodities: The bullish case for gold, the bearish case for USD ex-yen and the shutdown showdown

At Any Rate