With the hawkish CB pivot now complete, inflation likely to peak soon and growth to slow, the next market themes include EU sanctions on energy from Russia and the China Covid challenges. FX implications mixed. Rates & FX interpreted the FOMC as dovish due to pushback on 75bp hike and guidance on 50bps for next 2 meetings. The dollar index looks over bought and is currently testing major resistance. A weekly close above 103.01 would be the highest close since Dec-2002 and a bullish break. Above 104 is even better (new intra-week highs) - BofA G10FX Strategy
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