Switzerland

This report looks at the FX implications of the Trump tariffs, and the review of our Q1 trades.

This week, we update our Central Bank Monitors (CBMs), that help us calibrate how monetary policy should be adjusted in developed-market economies. Our conclusion is that while overall, easier monetary settings are required, there a few trade ideas that arise from the divergences in signals amongst G10 countries.

Crucial leading indicators of the global and European economies continue to deteriorate. How should investors position their European portfolios to benefit from these trends?

We look at the implications a various European central bank meetings this week, for currency strategy.

Does the recent surprise rate cut by the Swiss National Bank augur other dovish surprises among major central banks in Europe?