Strategist: Differentiation in monetary policies between Europe and America, interest rate differentials may help Europe/America trend bullish until 2026.

The head of foreign exchange strategy, Audrey Child-Freeman, stated that the inflation data for November in the United States once again pushed down the dollar - as discussions about the Federal Reserve's interest rate cuts are likely to continue until at least January next year. "This is in contrast to the European Central Bank, which is currently inactive and may have already taken action in terms of easing. This aligns with our view that the relative yield difference between Europe and the United States will drive the euro against the dollar to rise until 2026."