FX Year Ahead 2023 – A Tale of Two Halves

FICC Strategy Reports

The article provides CIBC’s latest outlook for the major currencies:
USD – Shifting into neutral gear
CAD – Chin Up CAD Bulls, Your Time is Coming!
EUR – Looking Through the Immediate Headwinds
GBP – Another year of policy challenges
JPY – Preparing for normalization
AUD and NZD – Towards a major base, but not there yet
MXN – MXN outperformance against Latam peers to continue in 2023
BRL – Fiscal headlines will keep volatility high but lower USD/BRL bias to remain in place
CLP – Political moderation fails to provide enough support to the CLP
COP to remain under pressure into 2023
CNY – Recovery will take time

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