At Any Rate Global FX: The dollar & AI, CNY, IEEPA, euro bloc
11 snips
Feb 27, 2026 Kunj Padh, Global FX strategist focused on digital currency regulation and stablecoins. Octavia Popescu, Europe FX strategist with tactical views on sterling, SEK and euro-area risks. Tiffany Wang, China-based EM strategist tracking CNY and PBOC actions. They discuss CNY appreciation and PBOC resistance. IEEPA and Asia trade effects. Euro-area growth, sterling politics and SEK signals. Stablecoins, AI agents and dollar demand.
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Dollar Weakness Driven By Equity Rotation And AI Narrative
- The dollar's weakness is driven by pro-cyclical flows and an equity rotation away from the US.
- Meera Chandan notes AI's potential to be deflationary long-term while equity rotation and growth signals push the dollar lower now.
PBOC Stepping In To Moderate Rapid CNY Strength
- The PBOC is actively resisting rapid CNY appreciation through fixing adjustments and state bank smoothing.
- Tiffany Wang highlights widened fix-spot gaps, removal of the 20% forward RR, and likely short-term consolidation before mid-year further CNY strength.
Watch Payrolls Closely Before Positioning
- Be cautious into US payrolls as a beat would likely cause dollar consolidation while a miss would reopen downside risk.
- Patrick Locke flags economists expect payback in February and that payrolls will shape near-term dollar moves and carry opportunities.