Download Currency Outlook
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In May, currency volatility is likely to continue in a highly uncertain global economic environment. The key drivers could be:
- Tightening monetary policy as more cautious central banks catch up to those already acting to dampen inflationary pressures.
- Geopolitical uncertainty and heightened inflationary pressures stemming from the Russia-Ukraine war.
- China’s lockdowns casting doubt on global economic growth.

China’s COVID lockdown ripples through financial 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
- April 2022 – Commodity price chaos
- March 2022 – Geopolitical shocks and currencies
- February 2022 – How treasury bonds and interest rate changes impact currencies
- December 2021 – Omicron brings uncertainty back into currency markets
- November 2021 – Supply chains, inflation and the currency market
- October 2021 – News and currency moves: 3 events to watch in October
- September 2021 – Fed’s go-slow approach likely to keep USD weaker, for now
- August 2021 – 3 key factors that move exchange rates
- July 2021 – Fedspeak: Why US central bank commentary moves currency markets
- June 2021 – Prices on the rise
- May 2021 – Vaccine rollouts and currency movements
- May 2021 – Making sense of cryptocurrencies
- April 2021 – Why inflation’s return has financial markets on edge
- March 2021 – Risky returns or safe havens
- February 2021 – USDemand: the end of the dollar’s dip?
- December 2020 – what the FX next? Currencies in 2021
- November 2020 – What the FX: Currency markets ride the election wave
- October 2020 – Bracing for Brexit
- October 2020 – 3 steps to prepare for currency volatility
- October 2020 – Votes and volatility
- September 2020 – Stocks, shocks, and currencies
- September 2020 – Euro inflows
- July 2020 – Countdown to the US election
- July 2020 – The flight to safety
- July 2020 – Is a financial crisis ever unprecedented?
- July 2020 – Business as usual