FICC Research FX Strategy 23 September 2025 FX & EM Macro Strategy Quarterly Outlook Is the dollar bottoming out? A potential US growth rebound bodes well for dollar stability and for risk-sensitive currencies that tend to outperform. Risks to Fed independence could derail dollar stability, but gold offers a good value hedge. FX & EM Macro Strategy Quarterly Overview Is the dollar bottoming out?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 A rebound in US activity bodes wel ...