Dovish MPC comments and lower inflation have turned the tide and while a week ago, Sterling was 2024’s top G10 currency, it has slipped into second place and is likely to fall further as political uncertainty, pressure for tighter fiscal policy and lower inflation weigh.

The SNB seems to have switched from wanting Franc strength to being happy to see it weaken, and it’s likely to slug it out with Sterling at the bottom of the G10 FX rankings in the coming months.