Q1 2022 Global Currency and Macro Outlook

Millennium Global is pleased to share its latest quarterly Currency and Macro Outlook

Global recovery likely to continue:

• Stronger labour market led by the US driving outperformance

• Wage prices likely to drive persistence of inflation

• Covid-19 ever present in markets. Vaccination progress has accelerated, zero covid strategies questionable

Policy diversion likely to be the strongest driver of currency markets. Central banks willing to normalise balance sheet policies in most countries. However only specific markets likely to deliver monetary policy tightening despite broader pricing.

CPI outlook likely to be critical in defining central bank monetary policy delivery.