• GBP: Cabinet unity behind PM Keir Starmer trimmed the political risk premium, giving GBP some relief on Monday. Gains were modest as markets await Q4 GDP and ongoing labour-market signals.
• USD: Fell for three consecutive sessions through Tuesday amid disappointing December retail sales and weaker-than-expected payroll guidance, then rebounded Wednesday after an unexpectedly strong January nonfarm payrolls report (+130k) and a lower unemployment rate, pushing the market to price Fed cuts later (June → July).
• Treasury yields followed a similar pattern: lower early in the week, rising post-payrolls, providing USD support.










