Cheap USD boosts earnings, but not where appetite is!

Show notes

The US dollar started the week on a soft note, giving major currencies and risk assets some breathing room after recent stress in tech and metals. But don’t get too comfortable — concerns around AI spending, lofty valuations and crowded positioning are keeping investors selective rather than fully bullish.
Whether the dollar’s slide continues will hinge on this week’s data. Retail sales today, jobs on Wednesday, and inflation on Friday will either confirm expectations of a more patient Fed — or reverse recent losses, putting pressure back on markets.
For now, a weaker dollar is helping stabilize equities and easing financial conditions at the margin. But with AI worries still lurking, investors are watching carefully to see if risk appetite can hold its ground.

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Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.