What is striking this week is that the dollar is not rallying the way it usually would during a global risk event. Oil above $105, a blockaded strait and record-low consumer sentiment have so far produced only a modest lift in the past 24 hours. The final University of Michigan sentiment reading lands this afternoon, before attention shifts to Wednesday’s Federal Reserve decision and the unresolved fight over who replaces Jerome Powell next month.
USD/GBP: the past year
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