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As we look toward 2026, we first reflect on a year defined by exceptional volatility and a complex geopolitical landscape. Throughout 2025, prolonged conflicts in the Middle East and Ukraine kept global risk premia elevated, while persistent inflation across developed markets constrained monetary policy flexibility. The primary source of market turbulence, however, was the unpredictability […]

August: A Month of Indifference for the US Dollar The US dollar spent August in a state of indifference, caught between support and resistance as mixed economic data, political uncertainty, and rapid market shifts created a lack of clarity. Despite a strong start to the month, the initial optimism quickly faded. The first day of