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Last week saw volatile trading in currency markets without the emergence of any clear trend.
Arguably one of the most noteworthy moves in currencies in the past week or so has been the rally in the euro, which has risen to fresh multi-month highs on the broadly weaker US dollar.
The dollar traded modestly higher against most currencies on Thursday afternoon, as a generally encouraging set of macroeconomic data releases eased concerns over the possibility of a US recession.
Chinese authorities are suggesting that they intend to catch up with the time lost during the zero-COVID experiment by buoying consumption, and the direct beneficiaries of higher Chinese demand are celebrating.
This Thursday’s Bank of England monetary policy announcement is a typically tough one to call, given the recent lack of consensus among committee members.
In line with our expectations, Fed chair Jerome Powell delivered a dovish shift in his communications following Wednesday's FOMC meeting.
Most risk currencies rebounded against the US dollar yesterday, led by the Swedish krona, which jumped by more than 2% after the Riksbank’s latest policy decision.
The recent rally in the US dollar eased against most major currencies last week, as markets somewhat tempered bets in favour of higher Federal Reserve rates.
The main focal point of trading in financial markets this week was undoubtedly yesterday’s US inflation report, which led to some rather choppy trading in FX.
US inflation data came out higher than expected last week, supporting the dollar against most other currencies.
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