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💶 Euro Continues to Diverge From 5-Yr Swap Spread: Cable FX Macro

**As seen in Macro Walk report 09/23/22, subscribe at

  • We have seen the dollar gain ground vs peers, crosses track the differentials between 5-yr interest rate swaps. Spreads have widened in favour of the dollar, FX spot has followed through

  • However, the euro dollar 5-yr swap spread is favouring the single currency, it seems FX spot is ignoring rate differentials and central bank hawkishness.

  • Recently, we have read some desks lowering their calls on EUR/USD, Nordea sees the euro falling to 0.90



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