The euro has dropped 0.4% to a fresh two-year low and sterling has fallen by 0.5%, marking its weakest level since May 2024.
With Trump's inauguration approaching, any day one executive order or policy announcements are set to influence markets and expectations significantly.
Expectations of less than two rate cuts this year stem from higher growth and inflation expectations linked to Trump's economic policies.
Current market moves are unusual given low liquidity and a lack of data, with the likelihood of these fluctuations being unwound soon.
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