In an FX swap, the parties to the transaction simultaneously conclude the purchase and sale of two different currencies of equal value on two separate delivery dates in the opposing direction.
It is expected to rise further in the second half of the year, before declining as temporary factors fade out. Our new staff projections point to a gradual increase in underlying inflation pressures throughout the projection horizon, although the pressures remain subdued in the context of still significant economic slack that will only be absorbed gradually over the projection horizon.