Key focus and themes Global Markets Research Foreign Exchange - Asia ex-Japan/Euro Area/Europe Risk of a more stable near-term USD; our RV and short USD views With Kevin Warsh being nominated as the Fed chair, where do you think is the fair pricing for 2026 Fed rate cuts? (Current: ~50.7bp of cuts) Fig. 1: Top five top-conviction strategy trades in order (scale 1-5) | | | ★★★★★ | Top 5 FX and Rates Trades | | | ★★★★★ | | | --- | --- | --- | --- | --- | --- | --- | --- | | | Countries | Trade | bp move from ...