J P M O R G A N Global FX Strategy 07 August 2025 FX Macro Quant Fiscal metrics have become more relevant for currencies • Our FRI growth model is max short the dollar (-100%). 78% of the countries in our global universe have seen at least a partial FRI upward revision since Liberation Day. Despite a window effect, the growth momentum rebound seems to indicate a stronger outcome than initially anticipated. Overall, we see this as a positive signal for cyclical currencies, but we remain cautious for the doll ...