The Bank of England steps in after pound hits record low
EUR/USD 🔽
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The UK’s “mini-budget“ with numerous tax cuts proved to be disastrous to the British Pound, as the GBP/USD fell to a record low. The currency pair briefly went below 1.0500, closed at 1.0684, and currently recovered to 1.0750. The Bank of England has swiftly responded by closely monitoring the market, and will adjust interest rates to control price levels while its currency weakens.
Other major currencies too suffered from a strong greenback and recession fears, EUR/USD was last traded at 0.9606 with a low of 0.9585, and the Aussie/Dollar pair suffered fewer losses at 0.6454. USD/CAD returned from 1.3797 to 1.3732, gaining 137 pips. The Bank of Japan’s latest intervention did not stop USD/JPY from rising almost 130 pips, which closed at a high of 144.75.
After declining to $1,622.53, gold prices just bounced back from $1,621.81 an ounce. WTI oil futures spiked to $80.00 but slid to a closing price of $76.71 a barrel afterward, citing potential supply disruptions from a brewing hurricane on the US southeastern coast.
In the stock market, the slump in major US indices has slowed down, with Dow Jones losing the most at -1.11% to 29,260. A scheduled return of Chinese tour groups has cheered the entertainment sector, especially resorts and casinos, Melco Resorts & Entertainment Ltd (MLCO) jumped to 7.0696, gaining over 25% in the process.
More information on Mitrade website.
GBP/USD 🔽
AUD/USD 🔽
USD/CAD 🔼
USD/JPY 🔼
XAU 🔽
WTI 🔽
The UK’s “mini-budget“ with numerous tax cuts proved to be disastrous to the British Pound, as the GBP/USD fell to a record low. The currency pair briefly went below 1.0500, closed at 1.0684, and currently recovered to 1.0750. The Bank of England has swiftly responded by closely monitoring the market, and will adjust interest rates to control price levels while its currency weakens.
Other major currencies too suffered from a strong greenback and recession fears, EUR/USD was last traded at 0.9606 with a low of 0.9585, and the Aussie/Dollar pair suffered fewer losses at 0.6454. USD/CAD returned from 1.3797 to 1.3732, gaining 137 pips. The Bank of Japan’s latest intervention did not stop USD/JPY from rising almost 130 pips, which closed at a high of 144.75.
After declining to $1,622.53, gold prices just bounced back from $1,621.81 an ounce. WTI oil futures spiked to $80.00 but slid to a closing price of $76.71 a barrel afterward, citing potential supply disruptions from a brewing hurricane on the US southeastern coast.
In the stock market, the slump in major US indices has slowed down, with Dow Jones losing the most at -1.11% to 29,260. A scheduled return of Chinese tour groups has cheered the entertainment sector, especially resorts and casinos, Melco Resorts & Entertainment Ltd (MLCO) jumped to 7.0696, gaining over 25% in the process.
More information on Mitrade website.