简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Sterling slipped against a rampaging dollar on Wednesday, lingering near 2-1/2 year lows.
The pound was down 0.1% at $1.15045 by 0825 GMT, after falling as low as $1.14545 in early trading.
Sterling had reached as high as $1.1609 a day earlier as media reports offered new details about how incoming Prime Minister Liz Truss is planning to tackle Britains growing energy crisis, before losing steam.
The dollar hit a 24-year high versus the Japanese yen, and tested a two-decade high against the euro, after U.S. economic data reinforced the view that the Federal Reserve will continue to tighten aggressively.
The pound has slid 15% against the dollar this year as British inflation surges to double digits and growth grinds to a halt, with consumers and businesses hit by soaring energy prices.
Truss is set to announce plans on Thursday to help households cope with the surge in gas and electricity bills caused by Russia‘s invasion of Ukraine. Some financial analysts have put the cost of Truss’s reported plan to freeze power tariffs at 100 billion pounds or higher, on top of her 30 billion pounds of tax cut promises.
Analysts said gains for sterling as a result of Truss‘s plans were not certain, with questions remaining over how they would gel with the Bank of England’s tightening monetary policy.
“The net impact of support measures may not be too straightforward as they may easily get mixed in with the implications for BoE policy,” ING analysts wrote in a note. “Cable could re-test 1.1600.”
The U.S. dollar index, which measures the greenback against six major peers, hit a fresh 20-year high of 110.69 early on Wednesday.
A fall for sterling below $1.1413 would take it to its weakest level since 1985, according to Refinitiv data.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The rise of online trading has opened doors for many, but it has also led to an increase in fraudulent schemes that prey on unsuspecting individuals. One such case involves Ayaz, a 19-year-old from Pakistan, who has reached out for help after falling victim to a scam broker named Heritageoptiontrade. WikiFX has decided to bring this case to light in hopes of protecting other traders from similar experiences.
Join PU Prime's Halloween Black Friday promotion and earn up to $500 by becoming a Signal Provider. Share your trading strategies, attract Copiers, and boost your profits today!
NEWRGY IMEX prevents investors from withdrawing $2,000 in digital currency. Unlicensed broker disappears. Learn how WikiFX can help avoid these dangerous scams.
Finalto implements a proactive risk strategy ahead of the 2024 US Election, ensuring clients' uninterrupted service with a focus on operational, market, credit, and liquidity risks.