Alvaro Manteca González

Overall, our positioning has remained stable over the past few months. The biggest shift has been in the currency space, with a tactical overweight position in the US dollar.

We remain confident that the soft economic landing narrative will continue through 2025. This view is now consensus, but it was not in 2023, when we first started considering it our baseline scenario. We believe that the pace of monetary easing by central banks will therefore be much more gradual than currently discounted by the market.

Nexus, Yuval Noah Harari