In our “FX Insights 2025: The Art of the FX Deal” we present a FX strategy update and revised forecasts heading into a very uncertain year that will likely require constant adjustments and a great deal of flexibility. We make some assumptions about the US (under the new Trump administration), central bank easing cycles, trade and potential FX implications. Tariffs will be the key to it all in FX next year. The timing, size and their impact will determine different FX adjustments as well as an opportunity to fade the overpowering strength of the USD that will likely prevail in the early stages of 2025.