The British Pound is trying to move higher against the US dollar but is finding life difficult despite the greenback showing signs of short-term weakness. Get your market update from nickcawley1 here:
is likely to get increasingly volatile. The consensus for the Fed is another 75 basis point hike, with an outside chance of one full point, while the market is leaning towards a 50 basis point hike from the UK central bank but with the option of a 75bp hike very much in play. Any deviation from expectations will move cable sharply.
While central bank decisions dominate the market this week, in the UK the new Prime Minister Liz Truss and her Chancellor of the Exchequer Kwasi Kwarteng will announce their ‘plans for growth’ to try and help the UK economy. Plans include cutting National Insurance and canceling a hike in corporation tax. The PM is also expected to finalise plans and announce payments to help individuals and businesses cope with soaring energy prices.
A look at UK borrowing costs shows the market taking a dim view of the upcoming fiscal announcements. UK gilt yields continue to push to multi-year highs with the interest-rate sensitive 2-year now offered with a yield of 3.25%, up 13 basis points today and back at levels last seen at the end of 2008. Higher short-term yields normally support a currency, however, this is not the case for the British Pound.
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