Region: Europe

Fed revives the macro story, dollar stays muted. Technicals cool off, bullish bias unchanged. Pound riding global flows without domestic fuel.

Pound powers to 4-year peak. Dollar breakout ahead of Fed Day. Dollar distress, euro excess.

Policy fears overpower fundamentals. Euro gains dollar drives. Pound near 4-month high.

Two headwinds, one amplifier. Sterling finds lift only on big (positive) surprises. Fresh 4-year highs in sight.

Green shoots break through UK gloom. Positioning into the Fed meeting. Still no break from 1.17.

“TACO” trade still alive and well. Euro caught between sentiment and fundamentals. Sterling’s bounce meets macro reality.