*Pre-booking required - open to 15 PMs*

With Fed rate cuts expected and policy paths diverging across DM central banks, how durable is USD strength? This working group explores the macro drivers shaping USD direction, including rate differentials, US fiscal pressures and the political backdrop. Participants will assess whether de-dollarisation is a genuine portfolio risk or primarily a longer-term narrative. A candid discussion on time horizons, conviction levels and how USD views translate into positioning and hedge decisions.