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Focus - Currency Matters August 2022

Major central banks continued to raise rates over the last month, and seem set to continue to do so. FX market participants are trying to gauge if inflation is peaking and what this means for the rate hike cycle for each central bank. The 'buy the rumour, sell the fact' risk for USD gains is still clear as well as the USD gave up ground against the major FX rates.

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Rate hike expectations are shifting swiftly across the major FX rates as US bank wobbles and fears spread. This is making FX rates jumpy, and further choppy trading looks likely in the near term. Our

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