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After huge rallies fed by blockbuster commodity price surges, the tide may be turning for currencies such as the Australian dollar and Colombian peso as fears of a global growth slowdown take hold in markets.

As inflation and higher borrowing costs crimp business and consumer spending, the International Monetary Fund and World Bank this week slashed global growth forecasts by nearly a percentage point and flagged the risk of further drops stemming from China’s COVID-19 lockdowns and sanctions on Russia.

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