Patrick Law of Bank of America noted that India has moved from a current account surplus to a deficit and has seen weak equity inflows compared with 2023. Law said the rupee and other Asian currencies remain tied to the dollar’s direction and that a slower Fed easing cycle would limit appreciation. He expects oil prices to stay subdued but sees continued demand strength in gold and silver. His out-of-consensus view is that a new Fed chair who struggles to push aggressive cuts could keep the dollar stable or even stronger.
