US Dollar17 Oct 2026
Sterling Strengthens as the Dollar Retreats, but Inflation Remains a Concern
Sterling Strengthens as the Dollar Retreats, but Inflation Remains a Concern
By Prem Raja · 6 min read
The Archive
All FX analysis
429 briefings on GBP, EUR, USD and the rest of G10 — from macro themes to the next central-bank move.
429 posts
Euro11 Oct 2026
Sterling Finds Support Against the Euro, but October Risks Remain
French fiscal concerns have pushed GBP/EUR above 1.18, while US inflation and UK growth figures take focus ahead of the Fed decision and October Budget.
By Prem Raja · 4 min read
US Dollar4 Oct 2026
A Quieter Calendar, But Plenty of Questions for Sterling and the Dollar.
Last week marked the end of Q3 and the beginning of the final quarter of the year, and we saw a fair amount of volatility across both Sterling and US Dollar pairs.
By Prem Raja · 3 min read
Pound Sterling27 Sept 2026
Sterling Heads Into October With The Budget Looming
As we head into October, I think the biggest domestic risk facing Sterling over the next month is becoming fairly clear: the UK Budget on 28 October.
By Prem Raja · 7 min read
Macro19 Sept 2026
After the Rate Decisions, Where Do Currency Markets Go Next?
Last week was probably one of the most important we have had for monetary policy in quite a while and, fortunately, the three major central-bank decisions did not deliver any major surprises.
By Prem Raja · 5 min read
Macro13 Sept 2026
Three Central Banks, Three Rate Decisions: A Huge Week for FX
The Fed, Bank of England and Bank of Japan all meet this week, with UK employment and inflation data adding to what could be one of September's most volatile weeks for currencies.
By Prem Raja · 5 min read
Euro5 Sept 2026
Rate Hikes Are Back on the Table. What Does That Mean for Currency Markets?
The Fed weighs inflation after a stronger NFP report, the ECB prepares to raise rates, and the Bank of Japan faces growing pressure to act.
By Prem Raja · 4 min read
Macro30 Aug 2026
Jackson Hole Changes the Fed Debate as Markets Head Into September
Last week ended with the Jackson Hole Symposium, where Kevin Warsh delivered his first address at the event as Federal Reserve Chair.
By Prem Raja · 4 min read
US Dollar24 Aug 2026
Why the Pound Looks Strong Against the Dollar, but Not Against the Euro
GBP/USD is back around 1.36, close to its highest levels for several months.
By Prem Raja · 4 min read
US Dollar22 Aug 2026
Dollar Under Pressure as GBP/USD Hits 1.36
US debt concerns unsettle markets ahead of a decisive week for inflation, growth and central bank policy
By Prem Raja · 3 min read
Pound Sterling16 Aug 2026
Sterling Is Back in Control, But Can the UK Data Keep It There?
Last week was relatively uneventful by 2026 standards, but that did not stop Sterling from continuing its recent recovery.
By Prem Raja · 5 min read
US Dollar9 Aug 2026
The Dollar Just Got a Warning
US jobs turn negative, inflation takes centre stage and Sterling faces a major test this week.
By Prem Raja · 6 min read
Macro2 Aug 2026
Markets Caught Between Central Banks and Geopolitics
For much of this year, investors have been trying to answer one question: have central banks finished tightening monetary policy?
By Prem Raja · 6 min read
Macro26 Jul 2026
When Bad News Becomes Good News for Markets
For the past several weeks, financial markets have been driven less by economic data and more by developments in the Middle East.
By Prem Raja · 5 min read
Macro19 Jul 2026
Markets Face a New Political Reality
Markets begin the week digesting two major political developments that are likely to influence sentiment over the coming days.
By Prem Raja · 5 min read
Pound Sterling12 Jul 2026
Geopolitics Returns, But Sterling Is Quietly Building Momentum
For much of the past month, markets had begun to price in the idea that the worst of the U.S.–Iran conflict might be behind us.
By Prem Raja · 4 min read
Macro28 Jun 2026
The Ceasefire Is Cracking... And Markets Are Starting to Notice
Renewed attacks in the Strait of Hormuz, quarter-end flows and Thursday's US jobs report set the stage for another volatile week across global currency markets.
By Prem Raja · 5 min read
Macro21 Jun 2026
Politics, Peace Talks and PCE: A Headline-Driven Week for Markets
Fragile Diplomacy in the Middle East and Political Turmoil in Westminster Set the Tone for the Week Ahead
By Prem Raja · 5 min read
Euro14 Jun 2026
ECB Turns Hawkish as Markets Await Iran Breakthrough and Key Central Bank Decisions
The ECB turns increasingly hawkish, the Fed and BoE face difficult decisions, and markets continue to wait for a breakthrough in U.S.–Iran negotiations.
By Prem Raja · 5 min read
US Dollar7 Jun 2026
Stronger Dollar Returns as Markets Reprice Rate Expectations
Last week brought a significant shift in market sentiment, particularly for the US Dollar.
By Prem Raja · 4 min read
Macro24 May 2026
Markets Caught Between Diplomacy and Escalation
Markets head into the new week with geopolitics once again dominating sentiment, as negotiations between the U.S.
By Prem Raja · 5 min read
Pound Sterling17 May 2026
Sterling Faces a Political and Economic Stress Test
Labour turmoil, rising inflation concerns and escalating Middle East tensions leave GBP increasingly vulnerable as markets enter a highly headline-driven week.
By Prem Raja · 5 min read
Pound Sterling10 May 2026
Politics, Geopolitics and Inflation: Markets Enter a More Fragile Phase
Labour’s heavy election losses, fragile U.S.–Iran diplomacy and rising inflation pressures leave GBP, EUR and USD facing another week of political and macro-driven volatility.
By Prem Raja · 5 min read
US Dollar3 May 2026
Sterling Rises, Dollar Slips… But This Week Could Change Everything
NFP, UK elections and central bank signals collide as markets shift back to data, with volatility still just one headline away
By Prem Raja · 4 min read
Buckets: Pound Sterling, Euro, US Dollar, Emerging Markets, G10 & Commodities, Macro