The US dollar steadied on Wednesday morning, as investors dialled back bets on US rate cuts and the fear of a banking crisis

The US dollar hovered near a 9-month low against the euro as traders weighed the risks of a US recession and the path for Federal Reserve policy.

Yesterday saw a substantial risk-off environment with the US Dollar rising throughout the day against its peers. It was a relatively quiet day on the data front however, US initial jobless claims fell 13k to 216k, the lowest level since February.
The Bank of England’s survey of businesses suggests that price pressures are falling which is good news. ING economists still see a hike in the September meeting but have stated that recent comments from the BoE could mean it’s the last increase in the central banks tightening cycle.
GBP reached a low of 1.2446 yesterday marking the lowest level for cable since early June. Likewise, EURUSD fell to a low of 1.0686 yesterday which was the pair’s lowest point since early June as well.