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 view for 2023 remains the same though, choppy USD losses that should see the EUR/USD push towards $1.20 and the JPY firm through Y125. Cable is expected to break towards $1.30 and higher as well.
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