The At Any Rate podcast features Pat Locke, Meera Chandan, and James Nelligan discussing global FX strategy. This week's episode addresses volatility in risk markets against the backdrop of a rising dollar, mixed U.S. data including strong ISM numbers offset by layoff increases, and the ongoing U.S. shutdown. Meera Chandan analyzes the Eurodollar's price action, highlighting the impact of incomplete U.S. data and the strength of European PMIs, while also mentioning an exclusive J.P. Morgan note on AI's impact on FX. James Nelligan discusses Sterling's underperformance, attributing it to fiscal policy concerns and the upcoming budget, suggesting a tactical shift in bearishness. Locke also examines the Canadian budget release, noting its implications for the Canadian dollar and the country's economic outlook.
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