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      "text": "Source: (Left) Bloomberg, J.P. Morgan Securities Research, LSEG Datastream, MSCI, J.P. Morgan Asset Management. US dollar cycles are based on the broad real effective exchange rate. Relative US equity performance is the percentage change of MSCI USA relative to MSCI World ex-US. The current cycle began after the US dollar peaked in January 2025. (Right) Bloomberg, CME, ICE, J.P. Morgan Asset Management. Hedging costs are based on three-month forward yields across different currencies. Past performance is not a reliable indicator of current and future results. Guide to the Markets - UK. Data as of 31 March 2026.",
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