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The key theme in financial markets on Monday was undoubtedly one of risk aversion, with concerns over global growth leading to sell-offs in risk assets at the expense of the traditional safe-havens.

The sell-off in US fixed income is now spreading to other markets, with European yields moving higher as the long-awaited (by us, at least) hawkish turn in ECB communications begins to take place.

Sterling sank to its lowest level since November 2020 this morning following dovish comments from Bank of England governor Andrew Bailey and the release of some soft UK macroeconomic data.

The key developments in financial markets continue to take place in the US Treasury market.

The euro finished the week at the bottom of the G10 rankings on concerns that the war in Ukraine will not stop any time soon, as well as jitters about the French presidential election.

The Euro, together with the Swedish Krona and the Swiss franc led the G10 rankings last week.

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The worldwide inflationary episode continues to upend expectations and historical correlations.

Stock markets and risk assets generally posted impressive moves last week, discounting the impact of the Russian invasion of Ukraine and treating Fed hawkishness as a case of "buy the rumour, sell the news".

Sterling fell against its peers after Thursday’s Bank of England announcement was much more dovish than the market had anticipated.