Global FX: Bearish EUR factors intensify, USD decouples from real rates, and an update on low FX vols

This week, our Global FX Strategists, Patrick Locke, Meera Chandan, Arindam Sandilya and Ladislav Jankovic look at the dollar’s undershoot vs real rates, the accumulation of bearish forces challenging EUR, developments around KRW & CNH, and the outlook for FX vols currently trading near historical lows.  This podcast was recorded on 29 May 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5315695-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 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.