Another week of risk asset sell offs had a predictable effect on currency markets.

The relative calm witnessed in markets in the first half of the week was brought to a swift and abrupt end on Thursday.

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Interest rates are going up everywhere, hard and fast, and markets are finding it increasingly difficult to ignore the consequences.

The pound collapsed below the 1.24 mark versus the US dollar on Thursday, its lowest level since mid-2020, after some more muddled communications from the Bank of England.

The US dollar exhibited classic traits of a ‘buy the rumour, sell the fact’ reaction following Wednesday’s FOMC meeting, as we thought might be the case.

Most currencies have traded within relatively narrow ranges during the bank holiday shortened week so far, as investors await major central bank meetings in the coming days.

Expectations are high heading into the May FOMC meeting, which is expected to deliver the Fed’s first 50 basis point interest rate hike in more than two decades.