Focus - Currency Matters October 2025

In our latest Currency Matters publication we discuss Fed rate cuts and the potential for the USD to soften further in this cycle. The new LDP leader who is likely to be the next PM in Japan is being seen as a pro-stimulus, low rate leader who may cause the BoJ to delay rate hikes. We look for the BoJ to continue to raise rates in time though.

On the charts the USD consolidated a bit more last month, but a resumption of the EUR rally to test $1.20 and then $1.25 remains favoured. Watch the Y150/Y152 zone in USD/JPY to see if USD sellers step up.

If you would like to read our report, contact us at info@tricio-advisors.com.