Lombard Odier turns bullish on dollar, cuts euro forecast to 1.09

The signal here is less the target itself than the direction of travel: a private bank that had been positioned bearishly on the dollar has now flipped, and the stated drivers are growth differentials and reduced anxiety about Fed independence rather than any single data point. That framing matters for cross-asset positioning, since a firmer dollar backdrop tends to tighten conditions for dollar-sensitive assets, including emerging-market and crypto markets that have leaned on a weaker-greenback narrative. The open question is whether other forecasters follow with similar revisions, which would suggest a broader consensus shift rather than a single house view.