Breaking: GBP/USD slumps to fresh 37-year low under 1.0800 on broad US dollar strength – by FXstreetNews Breaking GBPUSD Fed BOE Ukraine
Discomfort for UK Chancellor’s latest speech, fears of recession weigh on the pair.Risk catalysts are the key for immediate directions, counter-trend traders may seek opportunities but should remain cautious.
British Finance Minister Kwasi Kwarteng’s failed attempt to please defend the fiscal expansion amid fears of more inflation seem to weigh on the GBP/USD of late. British FinMin Kwarteng said on Sunday that he was focused on boosting longer-term growth, not on short-term market moves, when challenged over the sharp fall in sterling and bond prices following his first fiscal statement, reported Reuters.
On Friday, US S&P Global PMIs, on the other hand, were encouraging as the Manufacturing gauge rose to 51.8 from 51.5, while its services counterpart recovered from 44.6 to 49.3 for September. Following that, Fedsaid on Friday, “We are committed to using our tools.” Following him, Fed Vice Chair Lael Brainard mentioned that inflation is very high and is hitting low-income families ‘hard’.
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