The most recent data for growth and economic output showed the continued effect that rate increases are having, even after the Bank of England called a halt to its cycle of rate hikes following the August meeting of the Monetary Policy Committee.The first few weeks of the New Year will see the market remaining in “2023 mode” as a new set of drivers are yet to begin to take effect. The first half of the year is expected to be characterised by speculation about when Rishi Sunak will call a General Election and when the Bank of England will decide to cut interest rates.No Central Bank likes to be forced by events to change monetary policy, much preferring to be in control, or at least portray the illusion that it is in control. For that to happen this year, the MPC must appear to be far more proactive and show the market that it is on top of the decline in output.Beyond Currency Market Commentary:Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.