During a period of FX volatility, geopolitical disruption and divergent monetary policy, Deutsche Bank strengthened its position as the leading FX partner for hedge funds globally.
Every major dealer had a busy first half of 2025. Liberation Day delivered the volatility, the volume and the P&L, and most hedge fund desks will tell the story of the year through those weeks. The more revealing test came afterwards. From June, volatility faded, carry took over and gold began its run; and a franchise built on spot liquidity alone had little left to offer.
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