💱G10 FX Weekly % Performance: Dollar Extends Gains, Sterling Underperforms

• The dollar outperformed the group this week, the Bloomberg dollar index jumped by 2.37%, this was the best week since March 2020 when the Covid risk off trading took over

• The USD is now tracking a 14% rise YTD, the best year ever recorded in the BBDXY index

• Despite the intervention by Japanese authorities, the yen closed the week lower to the USD, however, it finished off the lows. G10FX/JPY did trade heavy as the yen came in stronger vs the group ex. dollar

• The British pound bottomed the G10, sterling lost 3.57% to the dollar, fell 4.68% to the yen and 2.09% to the euro. Very volatile week as the pound had previously led gains in the group

• GBP offers were accelerated into Friday as the market digested both the Bank of England rate decision and the mini-budget release from the U.K. government