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Sterling popped higher versus its peers on Tuesday afternoon, in a move that defied the general flight from risk witnessed in the currency markets yesterday.

With not too much macroeconomic data on tap, focus in financial markets this week will be firmly on Wednesday evening’s Federal Reserve monetary policy meeting.

We expect another dovish assessment from the ECB on Thursday in light of both heightened virus concerns and the outcome of the bank’s strategic review.

The flight from risk witnessed in the FX market in the past fortnight or so continued on Monday.

Last week was a relatively quiet one in FX, although US bond yields fell sharply on concerns surrounding the impact of COVID on global growth.

Last week was a relatively quiet one in FX, although US bond yields fell sharply on concerns surrounding the impact of COVID on global growth.

Financial markets were jolted into life by some rather disappointing economic data across both sides of the Atlantic on Tuesday.

Ebury named as one of the five top forecasters across 12 different currency crosses. Continued specialism in Emerging Markets reflected in its #1 ranking for the USD and CLP (Chilean Peso). Also secures #2 ranking for South African Rand (ZAR) with USD, and the Euro (EUR) crosses with the Russian Ruble (RUB), Romanian Leu (RON) and Japanese Yen (JPY).

The dollar performed quite well last week, despite selling off following a rather mixed US nonfarm payrolls report on Friday.

Another strong set of PMI figures out of the Euro Area this morning have not been enough to reverse the move lower witnessed in the euro in the past few days.