Currency markets started the week in sleepy mode, with traders playing the waiting game as Jackson Hole loomed large. Wednesday changed everything – UK inflation surprised higher, FOMC minutes revealed policymakers more concerned about inflation than employment, and Trump’s demand for Fed Governor Cook’s resignation sent shockwaves through trading desks. Volatility erupted as the week’s dominant theme crystallized: Fed policy uncertainty. By Friday, Powell’s Jackson Hole address spotlighting labor market concerns triggered dramatic moves across major pairs, capping a week where central bank speculation overshadowed even the ongoing Russia-Ukraine peace talks.
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