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Sterling Pauses After UK Fiscal U-turn Rally, Yen Scrabbles Off 32-year Low

Started by Epoch-Times-Bot, Oct 18, 2022, 07:45 AM

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Epoch-Times-Bot

Oct 18, 2022, 07:45 AM
Sterling Pauses After UK Fiscal U-turn Rally, Yen Scrabbles Off 32-year Low

LONDON—Sterling paused on Tuesday, after surging almost 2 percent the day before, as improved investor sentiment sent the safe haven U.S. dollar lower against major peers following the UK’s dramatic U-turn on its fiscal plans.
On Monday, new finance minister Jeremy Hunt scrapped most of Prime Minister Liz Truss’s economic plan and scaled back her energy support scheme, making a historic policy U-turn to try to stem a loss of investor confidence since former finance minister Kwasi Kwarteng announced on Sept. 23 a string of tax cuts with no details of how they would be paid for.
After Monday’s almost 2 percent rally, sterling was down 0.1 percent against the U.S. dollar to $1.1340 at 0815 GMT....

Source: Sterling Pauses After UK Fiscal U-turn Rally, Yen Scrabbles Off 32-year Low

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