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Since the FOMC’s last official meeting in late-July, the Federal Reserve has unveiled one of the most significant changes to its monetary policy strategy in the last few decades.

Like a sequel to a bad horror movie, the latest episode in the Brexit saga is reviving fears of a complete breakdown of Brexit negotiations and the attendant economic and financial chaos. The main victim was the pound, down over 3% against every major currency worldwide.

The pound was sent sharply lower again on Thursday as investors continue to fret about the state of the Brexit discussions. Meanwhile, the euro gave up its gains, despite a less dovish than expected ECB.

Ebury and MarketFinance are pleased to announce a new partnership designed to help businesses get back on track through the Coronavirus Business Interruption Loans Scheme (CBILS).

Sterling continued to sell-off against its peers on Tuesday amid ongoing concerns surrounding Brexit. The euro also drifted lower versus the dollar as investors braced for a dovish set of communications from the ECB on Thursday.

Sterling was the worst performing major currency on Monday after more doom and gloom headlines heightened the possibility of a ‘no deal’ Brexit.

The US dollar bounced back last week, perhaps unsurprisingly given the stretched short dollar positioning. Attention now turns to Thursday’s ECB meeting, which will take on added importance following last week’s Euro Area inflation miss.

This month’s European Central Bank (ECB) meeting will be more important than the market believed a week or so ago.

US stock markets sold-off sharply yesterday, with investors taking profit ahead of this afternoon’s nonfarm payrolls report. Meanwhile, sterling looked set for its worst weekly performance since mid-June.

The recovery in the US dollar continued on Wednesday as investors braced for a dovish tone of communications from the ECB next week. Meanwhile, BoE governor Andrew Bailey yesterday kept the door ajar to negative UK interest rates.