A week is a long time in politics, as Harold Wilson famously said. So one can only imagine what he would have made of the past year in which the UK has voted for Brexit, changed Prime Minister, triggered Article 50 and held a general election. And while the political saga has been going on, the effects on the UK economy are only just starting to appear.
Going into 2017, the market consensus was one of a strong US dollar environment, with the expectation of the US engine firing on all cylinders, with support from fiscal policy, monetary policy and de-regulation. The engine has stuttered, the US dollar has been declining all year and not many US dollar bulls are left. We are taking stock.