FX Navigator H1 2023

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Key takeaways

The first quarter of 2022 opened with an air of cautious optimism, characterised by expectations for a slowdown in inflation and hopes that markets would resume their upward trend. This rapidly became a distant memory as global supply chains buckled, commodity prices soared, and central banks were faced with their fiercest battle with inflation in recent history.


Global CPI (OECD Figures) (including energy and food)


Price of Natural Gas compared to historic baseline higher than mean 2017-2022


Fed's anticipated terminate rate