Market Outlook Q3 2026 – FX & Commodities | Swissquote

The second half of 2026 could mark a transition from an inflation-driven environment to a reflationary one. In this discussion, we review the major themes that shaped Q2—from the Iran conflict, elevated oil prices and rising bond yields to the AI-led earnings boom and the extraordinary performance of technology stocks.

We also look ahead to Q3, discussing whether central banks are likely to soften their hawkish stance and how the latter could shape the outlook for the US dollar, euro, sterling and Swiss franc, as well as crude oil, copper, gold and Bitcoin.