A global network and market expertise

The Federal Reserve's September meeting delivered an interest rate hike and unmistakably hawkish message last week, making it clear that the central bank is squarely focused on bringing down inflation.

August inflation data out of the US did nothing to allay fears that the Fed's inflation target is still out of reach, triggering investors to price in a near certainty of a hike this week.

Friday's stellar US jobs report has ratcheted up the pressure on the Fed ahead of its September meeting, with investors now leaning toward a rate hike rather than a hold.

US inflation for July came out exactly as expected last week - other than that, there was little news elsewhere to move markets.

Friday’s soft nonfarm payrolls report added further ammunition to the doves in the Federal Reserve, and rate markets continued pushing back their expectations of hikes in the US.

Uncertainty surrounding last week's Federal Reserve meeting was unusually high. In the end, not only did the Fed not raise rates, but chair Warsh sounded rather dovish.

The Iran war has dragged on for longer than markets had anticipated in the spring, which is creating a challenging backdrop for emerging market currencies.

Markets are finally beginning to take notice of the renewed US-Iran hostilities and surge in oil prices, which last week jumped back above $100 a barrel.

The latest flare up in tensions between the US and Iran failed to trigger any significant safe haven flows in currency markets, or in any financial markets for that matter.

The half time whistle has sounded on 2026, drawing to a close an eventful first six months of the year that will predominantly be remembered for the elevated geopolitical risk premium associated with the Iran war.

The dollar rally that has lasted since early May seems to be petering out.

A pull back in risk sentiment saw stocks markets drop globally last week, led by the big winners of the last few years, technology companies.