Region: Europe

Warsh viewed as the firmer hand. Pullback extends as risk off bites. Sterling caught in the risk-off squeeze.

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.