Holly Thompson

Euro falls with interest rate at all-time high. Fed to shy away from calling the top on rates. GBP downside risk mounts before BoE.

Inflation or growth – What will the ECB choose? Dollar muted after mixed inflation report. Pound rebounds but has work to do.

Will headline or core move markets? UK economy shrinks at fastest pace in 7 months. Markets grasping for (internal) information.

Below, we chart the UK labour market developments, some inflation indicators and finally the British pound.

Policy interventions against the dollar. UK labour market softens, wages elevated. ECB facing tough decision.

No alternative to the dollar in the short term. Euro stabilising after seven weeks of losses. Is a BoE pause looming?