For FX researchers, 2025 was a year when many of the usual tools stopped working. Currencies moved on tariff headlines rather than payrolls. Carry, value and momentum all struggled. Then in October, a US government shutdown turned off the official data altogether. The research houses that excelled were those with their own ways of measuring what was happening – and State Street’s specialist focus stood out.
State Street’s edge comes from something competitors cannot easily replicate.
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