At Any Rate

• Global FX: Dollar down after Fed; central banks and US data center stage for FX next week

  This week, our Global FX Strategists break down what the recent move in global rates means for FX, and how the FOMC meeting impacted the broad dollar. We also preview next week’s US data along with other upcoming central bank meetings, and discuss how FX vol is priced for ahead of those events.   Speakers Patrick Locke Global FX Strategy, Ladislav Jankovic Global FX Strategy, Octavia Popescu Global FX Strategy   This podcast was recorded on 12 December 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5156482-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

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• Global Commodities: Oil Outlook 2026/2027—Heavy Lifting

  Surpluses in 2025 are expected to widen further into 2026 and 2027, as global oil supply is projected to outpace demand—expanding at three times the rate of demand growth through 2026, before slowing to about one-third of that pace in 2027. This dynamic is likely to exert downward pressure on oil prices. However, the magnitude suggested by market imbalances is unlikely to fully materialize in practice. Adjustments are expected on both the supply and demand sides; however, the greatest burden of rebalancing will almost certainly fall on supply.   Speakers:  Natasha Kaneva, Head of Global Commodities Research  Greg Shearer, Head of Base Precious Metals Research   This podcast was recorded on December 12, 2025.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5120230-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

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• Global Commodities: 2026 Outlook – Supply-driven crocodile cycle

  Natasha Kaneva and team share J.P. Morgan’s 2026 Global Commodities Outlook. Commodity prices have experienced repeated and highly synchronized cycles across various markets over the past 50 years, with these fluctuations closely tied to global economic trends through shifts in demand. This co-movement broke down in 2024, as energy prices reset lower while metals prices surged, marking the emergence of a new commodity regime, driven by divergent supply dynamics.  Looking ahead to 2026 this deviation is expected to continue as supply-constrained metals continue to beat glutted energy.   Speakers:   Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base & Precious Metals Research Otar Dgebuadze, Natural Gas Research   This podcast was recorded on December 5, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5143468-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

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• Global FX Outlook 2026: Bearish USD, Bullish Beta

  The Global FX Strategy team delves into the year-ahead currency outlook across macro, systematic and derivative dimensions.   Speakers Meera Chandan, Global FX Strategy Arindam Sandilya, Global FX Strategy Anezka Christovova, Global FX Strategy  Antonin Delair, Global FX Strategy  Ben Jarman, Global FX Strategy  Patrick Locke, Global FX Strategy James Nelligan, Global FX Strategy  Kunj Padh, Global FX Strategy Octavia Popescu, Global FX Strategy Ikue Saito, Global FX Strategy Junya Tanase, Global FX Strategy   This podcast was recorded on 28 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5135264-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.        

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• Global FX Volatility Outlook 2026

  FX vol remains subdued into 2026 on resilient US growth and low central bank activity, but starting levels limit further downside. Policy events in 1Q26 could test this regime, making cheap forward vols over 1Q attractive as portfolio hedges. Beyond that, FXO trade recommendations focus on European growth, Antipodean revival, debasement, carry via options, EUR skew harvesting, selling x-corrs, and leveraging the macro backdrop for efficiency in x-asset directionals.   Speakers Arindam Sandilya, Global FX Strategy Ladislav Jankovic, Global FX Strategy Juan Duran-Vara, Global FX Strategy Sanjana Shinde, Global FX Strategy   This podcast was recorded on 28 November 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5125942-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.        

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