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Commodity currencies outperformed on rising oil prices, while the pound rallied after hawkish comments from Bank of England policymakers.

Ebury was named as the number one forecaster for the Russian ruble, Norwegian krone and Czech koruna in Bloomberg’s latest FX rankings. Also ranked as the second most accurate for three other EM currencies versus the USD, and the third most accurate for USD/JPY.

The US dollar rose against every other G10 currency last week, as investors fret that a jump in inflation could derail the global economic recovery.

Norges Bank became the first G10 central bank to hike interest rates since the start of the COVID-19 pandemic last week, sending the krone higher against all of its major peers.

The US dollar rallied against its major peers on Wednesday, after the Federal Reserve indicated that it would soon be ready to unwind its massive stimulus measures introduced during the onset of the COVID-19 pandemic.

Wednesday's Federal Reserve meeting is expected to be the main event risk in the FX market this month. But will the Fed announce a tapering of its QE programme?

After more than a year of almost exclusively focusing on the pandemic, attention among investors has returned to the more conventional topics of macroeconomics, central bank monetary policy and politics.

The main question on investors’ minds going into this month’s highly anticipated FOMC meeting is, has the August US labour report derailed plans for a September taper announcement?

The US job openings surged to another all time high. ECB cut asset purchases under PEPP, but Lagarde emphasised this isn’t tapering. Dollar rose, while risky assets wobbled.

Thursday’s announcement from the ECB marks a slight adjustment in monetary policy as the Governing Council unanimously decided to moderately slow down the pace of asset purchases under the pandemic emergency purchase programme (PEPP).