In volatile currency markets, one trade stands out as an easy bet: selling the British pound.
With the world's fifth-biggest economy grappling with a particularly unhealthy cocktail of slowing growth and surging inflation, the British currency has become the medium of choice to express a negative view.
Official data on Wednesday showed inflation reached a 40-year high of 9% in April — more than four times the Bank of England's 2% target — while Britain's worst cost of living crisis in three decades will not subside until late this year, according to a Reuters poll.