ascendant - kn

USD Mid-Term Report Card

The first half of 2025 has delivered a broad-based setback for the USD, which has declined sharply against all major currencies. Year to date, the greenback is down 14.38% against the Swiss franc, 14.19% against the euro, 9.90% against the British pound, 8.84% against the Japanese yen, 8.01% against the New Zealand dollar, 6.23% against the Canadian dollar, and 5.35% against the Australian dollar. This decline reflects a shift in global interest rate expectations, resilience in foreign economies, and a recalibration of safe-haven demand.

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Bond’s Warning Sign

The U.S. jobs market remains robust, and uncertainty surrounding tariffs is causing the Federal Reserve to pause its actions. Meanwhile, most G10 central...

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Liberation Day Aftermath

The opening words of last month’s letter couldn’t have been more fitting: “There’s no turning back now, and the rest of the world knows it.”

The events that...

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Growth Scare

The Japanese yen was the top-performing currency in February, appreciating by 3.05% due to a combination of rising Japanese interest rates and a decline in...

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