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Focus - Currency Matters January 2023

The USD bull trend is reversing. This is very much the early part of any reversal, but our 'rubber-band' view of major FX rates suggests that a bearish USD trend may build. A Y120 target seems reasonable, but long-term FX hands will remember that yen strengthening risk can build fast, back to Y100? Cable is looking very perky, $1.30 risk is high and the EUR/USD may be able to clear $1.10/$1.12 sooner than thought for $1.20 to follow.

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Our round-up of what to expect in the coming week and the key events of last week. The regular Spotlight feature looks at US rates through the implied futures money market futures. The Fed, ECB and Bo

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