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Focus - Currency Matters July 2022

The ECB is expected to start to raise rates this week while the Fed is widely anticipated to raise rates by 75 bp or even 100 bp at their next few meetings. USD strength is testing key levels against many other rates. 'Buy the rumour, sell the fact' is always a key risk in FX markets!

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FX market participants continue to trade off of interest rate differentials - and expectations of changes in the differentials. Fed rate hike expectations have disappeared lately and the USD has lost

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