Pound Sterling underperforms as UK Reeves warns of higher UK borrowing costs
The Pound Sterling (GBP) underperforms its major currency peers, except antipodeans, on Tuesday. The GBP faces selling pressure as investors turn cautious on expectations that the United Kingdom (UK) Chancellor of the Exchequer, Rachel Reeves, will raise taxes in the upcoming Autumn Budget later this month to plug a £22bn shortfall in the government’s finances. Read more…
GBP/USD hits lowest since April on budget concerns – BBH
GBP/USD sank to April lows as Chancellor Reeves signaled upcoming tax increases, potentially paving the way for more Bank of England easing after the November 26 budget, BBH FX analysts report. Read more…