Last week was one of the most volatile we have seen so far this year, driven largely by sharp and widespread US Dollar weakness.
GBP/USD surged from 1.34 to 1.38 in a matter of days before settling back near 1.36 by Friday evening. The pullback came after two late-week developments: confirmation that the US government is heading into a shutdown, and President Trump naming Kevin Warsh as his preferred next Fed Chair. Warsh is widely regarded as a hawk, which has added confusion given Trump’s repeated calls for lower interest rates.
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