RBC 1-3 month outlook for major currencies ...Middle East

Rangebound with opposing drivers: Fed cuts argue for weakness, strong US equities attract inflows.

Likely stays contained in near term, with weakness emerging later in Q4.

Lack of investment appeal so far; equities and rates underperformed US.

Risks both ways, but skew is mildly positive.

RBC maintains bullish call; USD/JPY expected below 140 by year-end.

Rate differentials moving in JPY’s favor, BOJ steady, Fed easing.

Undervalued vs EUR, SEK, CHF; GBP/CHF has strongest short-term upside.

Attractive for carry, especially vs CHF; limited US tariff exposure helps.

Weakness delayed as SNB cautious on negative rates.

Vulnerable to bouts of weakness near term.

USD/CAD stuck in 1.3550–1.3900 range; RBC keeps 1.38 Q3 target.

Only big Fed or BoC surprises could break the range.

Forecasts revised higher; AUD/USD to 0.64 end-2025.

New Zealand Dollar (NZD)

Weak economy and rising unemployment weigh, despite high rates.

Agriculture sector benefits from weaker currency.

This article was written by Arno V Venter at investinglive.com.

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