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Recent hawkish noises from Governing Council members suggest that the European Central Bank will once again deliver another large rate hike on Thursday, as it attempts to bring down still sky-high Euro Area inflation.

The Federal Reserve is widely expected to slow the pace of its interest rate hike cycle on Wednesday, but the key question is whether it will hint that a pause may be on the way following its subsequent meeting in March.

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.

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.

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.

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.

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Last week saw volatile trading in currency markets without the emergence of any clear trend.

Sterling rose to a one-month high on the US dollar, the euro struggled, while volatility in the Japanese yen surged to multi-year highs during an eventful trading session in the FX market on Tuesday.

The US inflation report confirmed the downward trend in price pressures and sent financial markets worldwide soaring on the hope that Fed hikes will soon stop.