Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

In the second FX quarterly of the year, strategists examine how the major investment themes that held at the beginning of the year have been proven wrong.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

In 2023’s first FX quarterly, strategists examine the Fed’s pivot and China’s reopening. Here is a synopsis of what is included in this quarter’s outlook.

The two-day FOMC meeting starts today and wraps up tomorrow afternoon. We expect a 25 bp hike and a very hawkish tone from the Fed. We also conduct a survey of past Fed policy cycles and conclude that an H2 easing cycle is very unlikely. With risks to U.S. rates weighted to the upside, the dollar is likely to benefit from any bond market repricing of Fed policy.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

The U.S. economy remains on firm footing; U.S. yields continue to rise; strange things are happening to the U.S. curve; August ISM services PMI came in strong; the Fed releases its Beige Book report; BOC is expected to hike rates 75 bp to 3.25%; Chile delivered a hawkish surprise with a 100 bp hike to 10.75% vs. 75 bp expected; reports suggest the U.K. is stepping back from a Brexit confrontation with the EU; BOE officials testify to Parliament’s Treasury Committee; Germany reported July IP; Poland is expected to hike rates 25 bp to 6.75%; Japan officials are getting more concerned about the weak yen but there’s really not much that can be done as long as the BOJ maintains its ultra-dovish stance; Australia reported firm Q2 GDP data; China reported soft August trade data

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Our Currency Strategy experts offer their predictions for currency performances for both Major and Emerging Markets.

High food and energy prices continue to squeeze households globally. Aggressive monetary policy responses and shrinking real incomes have increased global recession risks. Indeed, more and more signs of recession are piling up.

Our Currency Strategists set out what the geopolitical and macro-economic landscape means for major and emerging markets in the third quarter

For much of the first half of this year, high interest rates and rising commodity prices helped these currencies outperform their emerging market peers. However, broad-based dollar strength has slowly but surely eaten away at those EM FX gains and this is likely to continue as the Fed remains on its aggressive tightening path.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Here's a look at the main drivers in Developed Markets this week.

Here's a look at the main drivers in Emerging Markets this week.

Fed speakers continue spreading the hawkish message; PPI data also came in on the soft side; preliminary August University of Michigan consumer sentiment will be today’s data highlight; monthly U.K. data dump began; eurozone June IP was reported; Sweden reported July CPI; Taiwan revised Q2 GDP growth slightly lower; India reports July CPI and June IP

Markets are still digesting yesterday’s CPI data; July PPI will be reported today; Fed tightening expectations continue to adjust; Fed speakers continue spreading a very hawkish message; the heavy slate of Treasury issuance this week concludes; Mexico is expected to hike rates 75 bp to 8.50%; Peru is expected to hike rates 50 bp to 6.50%; German Chancellor Scholz promised more relief for its citizens; PBOC has pivoted and further easing now seems unlikely

Fed speakers will continue spreading the hawkish message; July CPI will be the highlight; the heavy slate of Treasury issuance this week continues; U.K. energy outlook continues to deteriorate; despite the gloomy macro outlook, the BOE is set to continue tightening as inflation spirals ever higher; Norway reported July CPI; Japan reported July PPI; China reported July CPI and PPI; Thailand hiked rates 25 bp to 0.75%, as expected