The pound is notoriously difficult to trade. It’s a “graveyard for G-10 traders,” says Mark Cudmore, senior macro strategist for Bloomberg’s Markets Live blog. When it comes to making calls on the British currency, he says, “people only ever lose money.”

Cudmore joins reporter Sofia Horta e Costa on this week’s In the City to try and make sense of why markets are again turning on sterling, just one year after ex-Prime Minister Liz Truss’s spending plans drove the pound to a record low.