The GBP/USD price started the month well as investors reacted to the new policies by Lizz Truss and Kwasi Kwarteng.
price started the month well as investors reacted to the new policies by Lizz Truss and Kwasi Kwarteng. It rose to a high of 1.1340, which was the highest level since September 22. It has risen by more than 8% from the lowest level this year.The GBP/USD price has been in a strong bearish trend in the past few weeks as investors on the fiscal condition of the UK. This crisis started when Kwasi Kwarteng, the country’s Chancellor, delivered his mini-budget.
The beneficiaries of these cuts were companies and wealthy individuals. As a result, some analysts started comparing the UK to an emerging market.comeback after Lizz Truss made a u-turn on some of these policies. Precisely, she vowed to reverse her top tax rate for the wealthy. She argued that her tax cut on wealthy individuals earning more than 150,000 pounds would not pass the House of Commons. The plan would have cost taxpayers between £2 billion and £3 billion a year.
Some analysts believe that the economy can handle these tax cuts considering that it has one of the lowest debt-to-GDP ratios in the G7. The next key catalyst for the GBP/USD pair will be the upcoming JOLTs job openings data from the US and a speech by Fed’s Mary Daly.The GBP/USD pair has been in a strong bullish trend in the past few days. It has managed to rise from last week’s low of 1.0350 to a high of 1.1330. The 25-day and 50-dayhave made a bullish crossover pattern.
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