Home Forex Daily FX Market Review: British Pound Rises After New Chancellor Reverses Planned Tax Cuts

Daily FX Market Review: British Pound Rises After New Chancellor Reverses Planned Tax Cuts

by admin
0 comment

The big news today was about the drama taking place in London.

Last Friday, British Prime Minister Liz Truss Fired Kwasi Kwartenand this morning appointed Minister of Finance, Jeremy Hunt.

The first item on his to-do list to calm financial markets is reverse virtually all of his predecessor’s highly controversial tax cut plans.

The Chancellor of the Exchequer (or ‘Prime Minister’) is responsible for all economic and financial affairs of the United Kingdom and performs a role equivalent to that of the Chancellor of Finance in any other country. As one of the most senior members of the Cabinet, they are responsible for setting levels of government taxation and public spending.

In today’s statement, Mr Hunt confirmed that he has scrapped £32bn of proposed tax cuts and scaled back energy subsidies proposed in last month’s ‘mini-budget’.

prime minister. Hunt admitted that his predecessor “upset financial markets by failing to explain how the announced tax cuts would be funded.”

as he said, sow (British Government Bonds) and The British pound (GBP) rose.

GBP/USD It broke above 1.14 before settling above 1.1350.

GBPUSD - October 17, 2022

Later in the day, Prime Minister Liz Truss apologized for “going too far and too fast” with her “mini-budget” economic policy, acknowledging responsibility for the problems it caused.

Was Pound’s move just a “relief rally” or did it actually have legs?

For GBP/USD to stay above 1.20, I think the UK government needs to be more convincing about a fiscal policy U-turn.

Let’s see what else happened in the FX market today…

currency market movers

Which currency pair gained the most today?

as shown by us FX Market Mover Page, aka “Guppy” AUD/JPY the leader of the herd, 1.59% Also 146 pips. 🏆

Top FX Gains | Oct 17, 2022

Which currency pair lost the most today?

USD/CAD was the biggest loser 1.15% Also 159 pips!😢

Top FX Losers | Oct 17, 2022

currency strength

What is the overall strength or weakness of each major currency today?

based on currency strength meter With MarketMilk™, Australian dollar It was the strongest currency. 💪

of JPY It was the weakest currency.

Currency Strength | Oct 17, 2022

short-term currency trends

when it comes to Short-term trend strength, british pound (GBP) shows the most bullish strength, along with the Euro (EUR) and the Canadian Dollar (CAD).

of JPY (JPY) shows the most bearish strength.

AUD, NZD and CHF are also bearish but weakening.

Currency Trend Strength | Oct 17, 2022

currency volatility

Which currency was the most volatile today?

based on us currency volatility meter,that is Japanese yen (JPY).

Currency Volatility | Oct 17, 2022

Which currency pair had the most volatility today?

Given that the Japanese Yen is the most volatile currency, it has to be the Yen pair. But which one?

GBP/JPY. moved 2.15% Also 357 pips!

Most Volatile Currency Pairs | Oct 17, 2022

You may also like

Copyright ©️ All rights reserved. | Investors Radar