Attention is now turning to some key central banks' meetings this week to see what message they deliver

The Fed's aggressive policy of sustained rate hikes make an imminent reversal in the dollar's fortunes difficult to envisage

The OECD recently estimated that the deterioration in UK net external trade after Brexit will knock more than 6% off its GDP over 2021-2023

Expectations for policy easing during 2023 have largely evaporated everywhere, with eurozone rates expected to be about 2.75% in three years’ time

ECB rates are expected to get to 2.25% by mid-2023

As long as US Federal Reserve keeps raising rates faster than ECB

Bank of England forecasts recession for British economy next year, with incomes declining by almost 4%

The US economy contracted in both the first and second quarters this year, though the falls were modest, the latest official figures show. No doubt, this will only add to the debate about whether or not the economy is in recession.

We saw another period of big moves across financial markets in recent days, with growing fears of recession the main catalyst.

Financial markets remain very volatile as they are buffeted by the twin forces of slowing global activity and a continued rise in inflationary pressures.