Sterling edges down but set for another weekly gain after BoE meeting

There's just a general sense of caution. We don't really know what are the implications of the trade war on growth and inflation,

said Kenneth Broux, head of corporate research FX and rates at Societe Generale

Tariffs are undeniably growth negative for the global economy,

said Jeffrey Schultz, head of CEEMEA economics, BNP Paribas Markets 360

The proliferation of tariffs and related uncertainties raise the risk of a global hard landing. Measures of trade policy-related uncertainty have continued to soar to unprecedented heights while business surveys... now also show a loss of global growth momentum,

said Ken Wattret, global economist at S&P Global Market Intelligence

Other geopolitical uncertainties have also increased and indicators of financial market volatility have risen globally,

it said in a statement

Europe has had a fantastic run to start the year, defying all expectations.... you're just seeing a bit of fatigue creeping in,

said Chris Beauchamp, chief market analyst at IG Group

The labour market data will likely reinforce the MPC’s caution,

said Matt Swannell, chief economic advisor to the EY Item Club economic forecaster, referring to the BoE's Monetary Policy Committee