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Currency rankings last week were topped by an unusual winner, the Swiss franc. The Swiss National Bank joined the chorus of hawkish central bankers and surprised markets with a 50 basis point rate hike when no move was expected, sending the franc screaming higher against every other currency. Read our full expert analysis and what to expect from euro, dollar, sterling and this other currencies this week.

Risk assets worldwide endured a very difficult week.

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We expect a hawkish pivot from the European Central Bank at its meeting on Thursday, strongly suggesting that an aggressive pace of interest rate hikes will likely be required in the second half of 2022.

Some positive data out of the US helped to allay concerns about growth last week.

The dollar has recovered a bit of ground against its peers so far this week, with concerns over rising global inflation and some hawkish comments from FOMC members keep the safe-haven greenback well bid.

Stock markets and risk markets in general rebounded strongly last week, while US rates did not.

The main theme in the FX market this week has continued to be one of a broadly weaker US dollar.

The Chinese yuan was one of the best performing currencies worldwide up until very recently.

Last week saw some strange market action. Financial headlines were dominated by the relentless sell-off in world equity markets that left the S&P 500 index flirting with the semi-official bear market line of 20% below its record high.