In what can be expected to still be volatile currency markets, the US dollar looks set to lose further ground in 2023 as its lustre as a high-yielding hedge fades. Expect the euro and the Japanese yen to pick up the baton as both economies profit from the gradual reopening of the Chinese economy now that Beijing has dropped its strict Covid-fighting regime.
Listen to this Talking heads podcast with John Bradley, head of foreign exchange, and chief market strategist Daniel Morris as they discuss the dollar’s sizeable correction in recent months and the likelihood that currency markets will see more interest in non-dollar cross rates.
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