Region: Europe

Dollar’s geopolitical momentum intact. Euro needs Hormuz, not the ECB, to find a floor. Sterling’s split signal: firm vs EUR, soft vs USD.

No relief as dollar hits 2026 high. UK stagflation fears mount, pound falls. Surging oil prices drags euro to seven-month low.

CPI delivers calm, geopolitics steals the spotlight. Sterling resilience has limits. Still reliant on sustained energy flows.

Oil big swings on headline shifts. De-escalation is best for euro. Pound’s next test sits near $1.35.

Oil-driven dollar strength fades. Euro rebounds from four-month low. Pound’s positioning buffer.

Strong dollar, shaky foundations. Hawkish repricing ignites as inflation risks rise. Stagflation fears are back on the agenda.