The GBP/USD pair pulled back signaling that the recent recovery trade has ended.
The closely-watched dollar index rose by more than 0.80% while the CBOE volatility index rose by 5%.
The main catalyst for the performance was that the Fed has started reducing its balance sheet gradually. It will scale down its assets by about $47.5 billion per month and then double the amount later this year. As you recall, some of the biggest employers like Walmart and Target warned that they would start scaling back their employees. They noted that they had overhired during the pandemic boom.
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