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The first half of 2022 will be one that investors will want to forget in a hurry. Not often bonds and equities sell off like we saw. The S&P gave back 16.45% and the Nasdaq 22.44%.

In Europe, the Eurostoxx 600 declined 15.5% with not a single sector closing in the green. The Nikkei was down 15%. Only the Shanghai Composite, down 1%, is a standout with the ALSI down 20% after a decent first quarter.

And the casualties of the dollar's surge? Let’s count them: the euro is fast heading towards parity even if it was holding above 20-year lows in Europe on Thursday morning. The yen has slumped to its lowest levels in more than 20 years, sterling is near its lowest since March 2020 and Russia’s rouble has slid 16% this week.

The rand heading for R17/$s

Michael Avery speaks to Chris Holdsworth, chief investment strategist at Investec Wealth and Investment.

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