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GBP hits record lows

Friday’s pressure on the pound has continued into this week with the GBP hitting record lows, including a 50-year low against USD. At its lowest, sterling reached mid 1.03 against the USD in the Asian markets and into the 1.07’s against the EUR. News from the UK ‘Mini budget’ revealed tax cuts for the UK and over the weekend further cuts pledged by the UK new Chancellor sent sterling tumbling. GBP Prices headed back up towards Friday’s lows as the UK and European markets opened today.

Attention will now turn to whether the Bank of England is going to step in and aid the pound with talks of an emergency interest rate hike to potentially be announced.

USD continues to gain strength

USD dominated today’s trading against EUR hitting 0.9550 following the aggressive stance of the federal reserve last week in their fight against inflation and the expectation of continued interest rate hikes throughout 2022.

In the week ahead we have key data from the US, Canada, and Germany plus ANZ business confidence from New Zealand and Australian retail sales.

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