Pound Climbs As U.K. Treasury Delays Budget Plan
26 Octubre 2022 - 05:34AM
RTTF2
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.
Sterling vs US Dollar (FX:GBPUSD)
Gráfica de Divisa
De Feb 2024 a Mar 2024
Sterling vs US Dollar (FX:GBPUSD)
Gráfica de Divisa
De Mar 2023 a Mar 2024