Pound Climbs As U.K. Treasury Delays Budget Plan

RTTNews | vor 960 Tagen
Pound Climbs As U.K. Treasury Delays Budget Plan

(RTTNews) - The pound appreciated against its most major counterparts in European deals on Wednesday, as the U.K. treasury has postponed an eagerly awaited budget plan to November 17 in order to restore economic credibility, after the mini-budget rattled the bond market.

The medium-term fiscal plan, which had been scheduled for October 31, would be delivered on November 17 as a full Autumn Statement.

Finance minister Jeremy Hunt is expected to outline how he will cover a budget shortfall of 40 billion pounds.

Hunt said that the plan would see UK debt "falling over the medium term".

Rishi Sunak, who assumed charge as the new Prime Minister on Tuesday, said the government's mission is to restore economic stability and confidence.

The pound climbed to 1.1620 against the dollar, its highest level since September 13. On the upside, 1.22 is possibly seen as its next resistance level.

The GBP/CHF pair touched more than a 2-month high of 1.1475. The pound is seen finding resistance around the 1.16 region.

The pound was up against the euro, at an 8-day high of 0.8646. The pound is likely to face resistance around the 0.84 region, if it gains again.

The pound strengthened to a 6-1/2-year high of 170.60 against the yen at 4:55 am ET, but it has since eased to 169.59.

read more
U.S. Dollar Weakens After Soft PPI Data

U.S. Dollar Weakens After Soft PPI Data

The U.S. dollar dropped against its major counterparts in the New York session on Thursday, as soft producer inflation data for May raised hopes of a rate cut by the Federal Reserve.
RTTNews | vor 9Std 10 Minuten
Pound Slides On Weak U.K. GDP Data

Pound Slides On Weak U.K. GDP Data

The British pound weakened against other major currencies in the European session on Thursday, as U.K. economy shrank more than expected in April largely reflecting a fall in services output.
RTTNews | vor 19Std 29 Minuten
Pound Slides Against Majors

Pound Slides Against Majors

The British pound weakened against other major currencies in the European session on Thursday.
RTTNews | vor 19Std 42 Minuten
Commodity Currencies Slide Amid Rising Geopolitical Risks, Yen Rises

Commodity Currencies Slide Amid Rising Geopolitical Risks, Yen Rises

The commodity currencies such as Australia, the New Zealand and the Canadian dollars weakened against other major currencies in the Asian session on Thursday, as rising geopolitical tensions in the Middle East weighed on market sentiment.
RTTNews | vor 19Std 55 Minuten
Yen Rises Against Majors

Yen Rises Against Majors

The Japanese yen strengthened against other major currencies in the Asian session on Thursday.
RTTNews | vor 20Std 47 Minuten
Euro Rises Amid Risk-on Mood

Euro Rises Amid Risk-on Mood

The euro strengthened against other major currencies in the European session on Wednesday amid increased risk-on mood, as investors monitored the latest updates from Sino-U.S. talks and awaited crucial U.S. inflation data for direction. After two days of discussions in London, U.S. and Chinese officials have agreed on a limited framework to put their trade truce back on track.
RTTNews | vor 1 Tagen
Euro Rises Against Majors

Euro Rises Against Majors

The euro strengthened against other major currencies in the European session on Wednesday.
RTTNews | vor 1 Tagen