Larry Summers Cameron Costa | CNBC LONDON — Former U.S. Treasury Secretary Larry Summers on Tuesday warned that the U.K. has lost sovereign credibility after the new government’s fiscal policy sent markets into a tailspin. The British pound hit an all-time low against the dollar in the early hours of Monday morning, before recovering slightly on Tuesday, while the U.K.
Month: September 2022
USD/TRY remains on the front foot at all-time high during three-day uptrend. CBRT documents hints at further rate cuts, DXY retreats from 20-year high. Fed’s Powell, US data can entertain intraday traders, bulls are likely to keep reins. USD/TRY shrugs off the US dollar pullback to stay on the front foot and refresh the all-time
The major US indices are opening lower, but off the pre-market lows as yields in the US come off after reaching 3.829% in the 10 year (now at 3.703%), and 4.268% in the 2 year (now at 4.137%). The Fed is targeting 4.4% for the end of year level. The stocks have seen some rebound
The greenback is lower across the board as broader market sentiment is seen improving after yesterday’s events. The pound is up over 1% against the dollar today and that sounds good until you realise that it only sees cable trading to just above 1.0800 at the moment. This comes after the drop yesterday, with the
NEW DELHI: Gold prices moved marginally higher on Tuesday as the US dollar took a breather. That said, despite the rise, it languished near two-and-a-half-year lows amid rate hikes fears. The US Federal Reserve officials on Monday sloughed off rising volatility in global markets and said their priority remained controlling inflation. Gold futures on were
The currency markets have turned into consolidation mode temporarily. Sterling further stabilized after BoE said in a statement that the assessment of the government’s growth plan will be done at next “scheduled” meeting, ruling out an emergency meeting. Dollar is also taking a breather even though 10-year yield rose to the highest level since 2010.
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On this episode of What’s On Your Mind? #WOYM – ITPM Mentors Raj Malhotra & Ben Berggreen have a laid back discussion on what they think matters right now in the financial markets when making trading and portfolio management decisions. Subscribe below to get notifications for future episodes. We will be releasing new episodes every
The USD/JPY bounces off the 143.00 regions and is back above 144.50 after last week’s BoJ FX intervention. Following the Japanese intervention in the FX space, the USD/JPY recovered some 3%. Near term, the USD/JPY might re-test the 145.00 area, despite increasing concerns of being the BoJ’s line in the sand, opening the door for
USDCAD tests 2019 high. The USDCAD is trading to a new cycle high and that takes the pair to the highest level since July 2020. The price high is trading at a new high of 1.3572. That level has taken the price above the high for 2018 at 1.35637 (a hurdle). The 61.85 of the
After the FOMC decision, I said that thinking was “these morons are going to hike us into a recession” and that sentiment has certainly spread. At the same time, what happened in the UK is critical. The market reaction to deficit-funded tax cuts and writing a blank cheque for energy subsidies is just as important:
On Sept. 26 the British Pound hit a record low against the U.S. dollar following the announcement of tax cuts and further debt increase to curb the impact of a possible economic recession. The volatility simply reflects investors’ doubts about the government’s capacity to withstand the growing costs of living across the region. The U.S.
Gold prices in the national capital rose by Rs 138 to Rs 49,786 per 10 grams on Monday, according to Securities. In the previous trade, the precious metal had closed at Rs 49,648 per 10 grams. Silver also jumped by Rs 224 to Rs 56,514 per kilogram from Rs 56,290 per kg in the previous
Dollar is extending its broad-based rally today. But other positions are somewhat changing. Sterling is now recovering as traders take profit, while awaiting an unconfirmed statement from BoE. Euro is also paring some recent losses. Meanwhile, Swiss Franc, Yen and Canadian soften in general. Australian and New Zealand Dollar are mixed. Technically, while Sterling recovers,
The European Central Bank’s (ECB) future rate increases will depend on the incoming macroeconomic data, European Central Bank (ECB) Vice President Luis de Guindos, said on Monday. “The ECB is carefully watching out for second-round effects and the bank is fully committed to 2% medium-term inflation target,” de Guindos added and acknowledged that the third and fourth quarters
EURUSD looks toward the next target on the weekly The EURUSD is is trading to a new cycle low at 0.9726. That is the lowest level since October 2002. The price is also getting closer to the high of a swing area going back to 2002 between 0.9662 and 0.9708. Those levels defined a floor
The dollar continues to run hot in the new week as we carry over the same themes from last week. The most jarring move is seen in GBP/USD as the currency is down 3% on the day now to 1.0535, after having hit a low of 1.0357 earlier as the pound crashed hard following last
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