![]() ![]() "Having said that, with the degree of policy tightening, the debate is going to be how much of it is going to be coming in the next year or two and how much is going to be pushed towards the next parliament rather than this one." "We do have the fiscal statement coming and that is going to be a sea of negativity," Stretch said. The pound was last up 1.2% against the dollar at $1.1902, having reached a session high earlier of $1.2027, while against the euro sterling rose 0.7% to 87.26 pence. ![]() Hunt, together with Prime Minister Rishi Sunak, has been keen to assure markets of the government's fiscal prudence and will be keen to avoid the torrent of volatility that his predecessor, Liz Truss, unleashed with her fiscal plan in late September. New UK finance minister Jeremy Hunt delivers his autumn budget on Thursday, which is expected to contain a raft of measures, including tax rises and spending cuts, aimed at closing a 50-billion pound ($59 billion) gap in Britain's finances. "Today is more about the high-beta currencies against the dollar making hay while the sun shines," CIBC Capital Markets head of G10 currency strategy Jeremy Stretch said. interest rates rising more slowly, which in turn, reduces the dollar's appeal to yield-hungry overseas buyers. consumer inflation last week has prompted investors to factor in the possibility of U.S. The data knocked the dollar down by as much as 2.3% against the pound, which touched its highest since Aug. ![]()
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