The British pound hit new lows of $1.0349 against the U.S. dollar in the early hours of Monday but has pared back since as investors continued to sell after...
The British pound hit new lows of $1.0349 against the U.S. dollar in the early hours of Monday but has pared losses, after the U.K government revealed the largest tax cut since the 1970s last week.
The pound GBPUSD made a historic dive on Friday after U.K. Chancellor Kwasi Kwarteng unveiled a mini-fiscal budget comprising a number of tax cutting measures to be financed by £62 billion of government borrowing. Kwarteng remained unmoved about the market movements, and the short term risks to inflation, Reuters reported, citing the BBC.
Author Paul Krugman has argued that the pound’s depreciation will improve the U.K’s investment position and questioned why the crash would invoke a balance sheet currency crisis.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sterling hits record low against the dollar, as Asia-Pacific currencies also weakenSterling hits record low against the dollar, as other Asia-Pacific currencies weaken
Read more »
British pound plummets to new lows against US dollarThe British pound has resumed a slide that picked up pace last week after the U.K.’s new government outlined plans to cut taxes and boost spending. The pound dipped as low as $1.0349 per U.S. dollar early Monday but then rebounded to $1.0671, down 2.3%.
Read more »
British pound plummets to record low against the dollar | CNN BusinessThe British pound plummeted to a record low against the dollar -- spurring predictions it could plunge to parity with the US dollar in the coming months.
Read more »
British Pound Falls To Record Low Against The DollarThe British pound fell to an all-time low against the dollar as markets reacted to the UK’s biggest tax cuts in 50 years. The pound plunged more than 4% early Monday morning to $1.0327 before…
Read more »
Briggs: It’s good Democrats lost the Indiana gas tax fightIndiana's sales tax on gas is falling on its own after hitting a record in August.
Read more »
GBP/USD pares losses above 1.0600 at all-time low, braces for BOE meddlingGBP/USD consolidates the daily loss around the record low, picking up bids to 1.0660 heading into London open on Monday, amid talks of the Bank of Eng
Read more »