Sterling slips as dollar regains footing

September 29, 2022

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📚 Daily Digest | Thursday, Sept 29, 2022

Sterling slips as dollar regains footing

Sterling fell on Thursday and the U.S. dollar was clawing back a recent dip as relief at the Bank of England's intervention in bond markets faded in the face of nagging doubts about Britain's economic management and the outlook for global growth. The British currency jumped the most since mid-June on Wednesday after the BoE announced an emergency bond-buying plan to shore up a gilt market that had been in freefall with the pound. But sterling was 0.8% lower at $1.0798 by mid-session in Asia and the euro weakened 0.6% to $0.9679, as the U.S. dollar regained its footing.

Today's Top News

Stock Markets

FTSE 100 set to open slightly higher

FTSE 100 is seen slightly at the open although markets are likely to remain volatile following the £65bn ntervention by the Bank of England yesterday and ongoing concerns about the strength of the UK's finances.

Current Affairs

Royal Mail workers to hold 19 days of strike action during build-up to Christmas

The strikes, which will be a mixture of single days and rolling action across Royal Mail 's network, will cover peak mail periods such as Black Friday, Cyber Monday and the Christmas build-up, the Communication Workers Union (CWU) said in a statement.

Commodities

Gold up Most in 2 Months as U.S. Bond Yields, Dollar Crash

Gold jumped as the Dollar Index, which pits the U.S. currency against the euro and four other rivals, hovered at 112.5 — down 1.3% on the day for its sharpest tumble since the 1.45% drop on June 16.

Economy

Challenging 'orthodoxy,' Kwarteng clings on after UK market rout

As new British finance minister, Kwasi Kwarteng hoped to take down finance ministry groupthink that he and new Prime Minister Liz Truss saw as holding Britain back. Instead he's seen his first fiscal statement take down the pound, the bond market, his party's reputation for financial credibility and quite possibly his own political career.

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