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GBP

26 Sep 2022

Market Briefing: Cable Snaps, Destabilizing Currency Markets

The pound sank like a dinghy in the North Atlantic over the weekend, hitting record lows against the greenback and contributing to a worsening in sentiment across the global financial system. In several interviews, Chancellor of the Exchequer Kwasi Kwarteng seemed to shrug off Friday’s devastating market reaction to the new UK government’s proposed fiscal plans and doubled down on tax cuts, saying there was “more to come”. The sterling-dollar pair — often known as the “cable” — briefly dropped almost 4.7 percent before staging a modest recovery as traders positioned for a response from the central bank. Calls for...

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26 Sep 2022

Market Wire: Pound Resumes its Tumble After Coordinated Official Statements

The pound has resumed its descent, falling toward the record-low levels reached over the weekend after statements from the Bank of England and Treasury failed to steady market nerves. According to a statement released by Governor Bailey’s office a short time ago, the Bank noted it was “monitoring developments in financial markets very closely in light of the significant repricing of financial assets”, but said it was not prepared to deliver an emergency rate hike: “As the MPC (Monetary Policy Committee) has made clear, it will make a full assessment at its next scheduled meeting of the impact on demand...

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23 Sep 2022

Market Briefing: Great British Peso Plummets, Dollar Grinds Higher

The British pound is selling off violently – a bit like an emerging market currency – after the government said it would borrow heavily to fund tax cuts and energy price subsidies. In a dramatic pivot away from long-standing fiscal orthodoxy, Chancellor of the Exchequer Kwasi Kwarteng said the United Kingdom would cut income, property, and dividend taxes, abandon limits on banker bonuses, and pour tens of billions of pounds into protecting households from rising gas and electricity prices. Gilt yields jumped by more than a third of a percentage point as investors braced for renewed inflation pressures and worried...

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22 Sep 2022

Market Briefing: Japanese Intervention and Fed Aftershocks Pummel Currency Markets

Global asset prices plunged and yield differentials tilted violently in the dollar’s favour yesterday after the Federal Reserve turned more hawkish than expected. The central bank hiked by 75 basis points for a third time, but the “dot plot” forecasts inflicted more damage on markets, showing that a solid majority of members expect to raise rates above 4.5 percent next year – even if this risks an economic downturn. Market-implied pricing shot up during the announcement and press conference, with the Federal Funds rate now expected to end the year around 4.4 percent, up from 4.2 percent yesterday morning. The...

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21 Sep 2022

Market Briefing: Fed and Geopolitical Threats Keep Currency Markets Under Pressure

Markets are relatively becalmed ahead of a Federal Reserve decision that could sustain—or reverse—a long rally in the dollar. Trading ranges for risk-sensitive currencies are narrowing, equity futures are pointing to a softer open, and US government bond yields are easing from yesterday’s highs – the 10-year closed at 3.571 percent and the two-year reached its loftiest levels since 2007 at 3.962 percent. Commodity prices spiked higher last night after Russian President Vladimir Putin mobilized his country’s military reserve and threatened a nuclear response in Ukraine, saying, “Those who are trying to blackmail us with nuclear weapons should know that...

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