Rates are helpful in places, not as hurtful in others
As bumpy as the road may be, there is a realisation that the majority of G10 economies are well on the mend. As a result, on balance the next policy move for these central banks is probably a tightening step, no matter how far off actual execution may seem. For some currencies the prospect of early normalisation appears to be a pillar of strength. On the other hand, looking at the entire post-2009 performance of currencies relative to shifts in interest rate expectations, the overall relationship is far less clear-cut.
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