News & analysis

Following a volatile year defined by rising inflation pressures and an aggressive removal of monetary accommodation, the macro environment is unlikely to ease up for investors in 2023. Not only are dominant themes of the past year set to persist, but investors will also likely face new macro crosswinds in the form of financial stability risks, the impact of China’s economic reopening on strained commodity markets, growing political fragmentation, and reduced scope for fiscal policy to actively smooth out economic fluctuations. On the whole, we expect this to culminate in FX volatility remaining above recent historical averages, trends in major currency pairs to be shorter, and the need for macro investing to be even more agile.

Read our Macro Outlook 2023 here:




Simon Harvey, Head of FX Analysis

Jay Zhao-Murray, FX Market Analyst

María Marcos, FX Market Analyst

Nick Rees, FX Market Analyst


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