US Dollar (USD)Rangebound with opposing drivers: Fed cuts argue for weakness, strong US equities attract inflows.Likely stays contained in near term, with weakness emerging later in Q4.Euro (EUR)Lack of investment appeal so far; equities and rates underperformed US.German stimulus and Fed cuts vs ECB pause could support EUR/USD.Risks both ways, but skew is mildly positive.Japanese Yen (JPY)RBC maintains bullish call; USD/JPY expected below 140 by year-end.Recent weakness blamed on July-specific factors (elections, tariffs, carry).Rate differentials moving in JPY’s favor, BOJ steady, Fed easing.Sterling (GBP)Undervalued vs EUR, SEK, CHF; GBP/CHF has strongest short-term upside.BoE cautious on cuts; one more cut expected this year.Attractive for carry, especially vs CHF; limited US tariff exposure helps.Swiss Franc (CHF)Weakness delayed as SNB cautious on negative rates.Inflation weak but edging up; tariffs from US a big risk (39% on exports).Vulnerable to bouts of weakness near term.Canadian Dollar (CAD)USD/CAD stuck in 1.3550–1.3900 range; RBC keeps 1.38 Q3 target.Rallies above 1.38 seen as selling opportunities.Only big Fed or BoC surprises could break the range.Australian Dollar (AUD)Forecasts revised higher; AUD/USD to 0.64 end-2025.Supported by USD weakness, easing US-China trade tensions, and firm commodity prices.New Zealand Dollar (NZD)Underperforming; forecast revised to 0.58 end-2025.Weak economy and rising unemployment weigh, despite high rates.Agriculture sector benefits from weaker currency. This article was written by Arno V Venter at investinglive.com.