Facebook LinkedIn

 

In this PERSPECTIVES Viewpoint FX: Headwinds for the USD persist, we address the recent shift in focus from monetary policy decisions to the fiscal and trade policies of the US and the likely near-term developments in this regard. We also provide our outlook for the USD and a number of other currencies.

 

Key takeaways:

  • The USD has suffered due to tariff policy and increasing fiscal concerns. The EUR, on the contrary, is benefiting from the plans for fiscal stimulus and the diversification from USD.
  • The Bank of Japan (BoJ) is working only slowly on monetary normalisation due to the uncertainties that the current trade talks bring. The JPY should appreciate in the medium term.
  • Despite the US tariffs on imports from China, the CNY strengthened recently and rose to a 7-month high against the USD. Beijing is supporting measures to further internationalise trade with the renminbi (RMB).

'

The PERSPECTIVES Viewpoint is currently available and client-ready for the following regions: Germany, Americas, Europe, Middle East, Africa and Asia Pacific.

PDF

Language:

Related special reports

CIO week upfront podcast

CIO Podcast

PERSPECTIVES Weekly podcast: July 7 – Countdown to the end of the tariff pause

In this week’s PERSPECTIVES podcast, the Private Bank’s Chief Investment Officer for sustainability, Markus Müller, says that the end of the Trump administration’s tariff pause and the kick-off of US earnings season will be in focus in the week ahead. Also, the Federal Reserve will release minutes from its latest meeting and there will be important data coming of China and elsewhere. Listen to learn more.

Jul 07, 2025

donald trump threatens higher tariffs desktop

PERSPECTIVES Memo

Donald Trump threatens higher tariffs for EU

Reports indicate that the U.S. is demanding unilateral tariff reductions from the EU, similar to concessions offered by other countries to the U.S. Go through this article for complete information.

May 23, 2025

alternatives and saa desktop

PERSPECTIVES Special

Alternatives & Strategic Asset Allocation

Alternative investments are an increasingly important asset class and have experienced robust growth over the past two decades. In this report, we look at the advantages and challenges of integrating them into a portfolio.

May 19, 2025

energy transition utilities and electricity grids

PERSPECTIVES Special

Energy Transition: Utilities and electricity grids

As demand surges, primarily due to electrification and data centre expansion, the need for low-emission energy sources becomes critical. This transition necessitates significant investments in grid expansion and modernisation to integrate renewable energy sources while maintaining system stability and resilience.

May 16, 2025

china announces stimulus measures

PERSPECTIVES Special

China announces stimulus measures

China unveiled several stimulus measures on May 7 and it was confirmed that the U.S. and China would hold official tariff negotiations this week. In this PERSPECTIVES Special, we look at the impact of these events on Chinese equities.

May 06, 2025

trump 100 days in office desktop banner

PERSPECTIVES Special

Trump’s first 100 days in office

The first 100 days of the President Trump’s second presidency has clearly pointed to an ‘America First’ agenda. We take a closer look at portfolio impact and what this means for investors globally in this PERSPECTIVES Special.

May 01, 2025

See more

In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S.

The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk.

No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive.

This web page is not an offer to buy a security or enter into any transaction. The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. Please consider the sales restrictions relating to the products or services in question for further information. Deutsche Bank does not give tax or legal advice; prospective investors should seek advice from their own tax advisers and/or lawyers before entering into any investment.

Change of name: As part of Deutsche Bank’s Private Bank, the former International Private Bank also adopted this title on July 20, 2023.