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Download the 1-page overview to find out from our OFXperts what to watch for key currencies.

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With FX volatility at 1-year highs entering into December, we could see larger-than-normal price swings this month. The drivers of the currency market are likely to be:

  • Shifting risk sentiment as investors adjust expectations regarding normalisation of monetary policy globally.
  • The US Federal Reserve commentary. The Fed has set the tone for other central banks by giving its strongest commitment yet to tightening monetary policy, further commentary could move markets.
  • News around the level of threat Omicron poses to the global economy could impact risk sentiment.
  • From a technical standpoint, government interest rate differentials will impact currency pair trends as investors chase higher returns.

Omicron brings uncertainty back into currency markets

Read the monthly currency news from the OFX currency specialists and keep informed on the macroeconomics of future currency movements in the coming month.

Currency Outlook archive

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