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The US dollar retreated against its major peers for the second straight day on Thursday, while the pound jumped back above the $1.10 level during another highly eventful day in financial markets.

This week has been another rather extraordinary one in financial markets, particularly in the UK, with gilts, equities and the pound still reeling from last Friday’s openly inflationary budget from Britain’s government.

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Sterling has been battered in the past couple of trading sessions, as investors make their feelings about last week’s (not so ‘mini’) budget announcement from the UK government abundantly clear.

The past week has been one of the most tumultuous in currency markets in quite some time.

The Federal Reserve raised interest rates by another 75 basis points on Wednesday, as expected, while indicating that it still has some way to go before it considers bringing its hiking cycle to a close.

The Bank of England is certain to raise interest rates again at its delayed September meeting on Thursday, although the magnitude of the hike (50 vs. 75 basis points) is more of an open question.

This week in the foreign exchange market is all about central bank announcements, with this evening’s FOMC meeting the most important of the lot.

The Federal Reserve received an unpleasant surprise last week, in the form of a hotter-than-expected inflation number that showed no hint that price pressures are abating.

The ECB massive 75bp hike, followed up by hawkish comments from the usual "sources", sent the common currency soaring against most of its global peers, dragging along all other European currencies, while the Japanese yen ended up again at the bottom of the rankings, dragged down by the Bank of Japan insistence on remaining the last dovish holdout among the G10.

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The world's central bankers annual meeting at Jackson Hole delivered an unmistakably hawkish message, led by Fed´s chair Powell in a very short and clear speech.