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The dollar recovered somewhat from its recent drubbing on the back of a steady drumbeat of hawkish Federal Reserve speeches.

In 2021, imports to Non EU countries surpassed EU countries for first time ever

Sterling was a touch weaker against its major peers on Thursday, after recently appointed chancellor Jeremy Hunt unveiled large tax hikes and spending cuts during yesterday’s Autumn statement.

The news that markets had been desperately hoping for finally arrived last week.

After a strong start, Thursday was a torrid day for the dollar, which collapsed against its peers following a much softer-than-expected US inflation print.

Currency market volatility continues to rise, and signs are emerging that the dollar rally is running out of steam.

The US dollar has been broadly stronger since the start of the week, as markets brace for another massive interest rate hike from the Federal Reserve this evening.

We believe that this week’s Bank of England meeting is one of the hardest to call for some time, and expect volatility in the pound to be elevated during either side of the decision.