 Deutsche Bank is out with a note today highlighting trading themes for 2023 and argues that global growth should be more balanced this year, sapping demand for the dollar. They also argue that Europes energy shock is rapidly reversing and that terms of trade have quickly reverted. EURUSD drivers are turning on multiple fronts. Interest rate differentials are pointing to a fair value above 1.10 and the rate spread can narrow further still. Energy prices have reversed the ent... 