J P M O R G A N Global Markets Strategy 19 December 2025 FX Markets Weekly Thoughts from the road Outlook: We close the publishing cycle for the year by discussing the most interesting questions from our year-ahead outlook discussions. There was no pushback to the bearish dollar view, but lots of introspection on capital inflows into the US, the dollar smile, Fed independence concerns and US fiscal pre-midterms. FX carry is well subscribed to and discussions was on vol generators and risk hedges instead. DM ...