Market Briefing: Dollar Weakens as Markets Pause for Breath
The dollar is retreating and North American equity bourses are setting up for a stronger open as the sense of fear that gripped markets over the weekend begins to ebb. The pound is climbing after gaining more than a full percentage point overnight as it recovers from a two-day selloff that triggered memories of 1992’s Black Wednesday. The plunge began when new chancellor Kwasi Kwarteng on Friday proposed pairing billions of pounds in energy subsidies with the biggest package of tax cuts in decades. Nerves are still frayed, but gilt yields are falling as panic fades and traders consider the...