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Chris Jakubowski

Chris Jakubowski

Director - Institutional FX Sales at MUFG; FX markets expert featured on The MUFG Global Markets Podcast.

Jun 5, 2026

7:01
Yeah.
7:02
I mean, that sort of brings us on quite well to the ECB, which is coming up next week as well, because, you know, you mentioned they're sort of transitory and looking at inflation that way.
7:11
You know, you then look at the ECB, which then sort of it seems in sort of fear mode of not hiking, you know, when they should.
7:20
And to me, it feels very sort of like, they're putting much more of a weight on the inflation, which arguably could be transitory when the economy arguably isn't running as well as the US.
7:32
Yeah, the US hold back, but we've priced in a full 25 basis points now for the ECB to go.
7:39
You know, do you think they're making a mistake by doing that and hiking while the Fed isn't? And, you know, maybe doing something similar to 2011 when they had that energy shock and they hiked and then they had to reverse straight away? I mean, what's your take on the ECB next week? Yeah, no,
12:39
But now after the jobs report again, the macro is just that little bit more important than it was in terms of the factor behind why we think the dollar can extend further from here.
12:52
And then that probably moves us perfectly on to Dolly Yen then.

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