October 24, 2022: -The British pound decreased 1% against the dollar on Friday, over wiping out the moderate improvements it made after the capitulation of Prime Minister Liz Truss.
Sterling traded at $1.1112 London time, its lowest level since October 12.
Truss announced she would be stepping down, saying she could not provide the mandate she had chosen just 44 days prior. Her successor is expected to be selected by politicians and members of the ruling Conservative party within a week.
“The pound has been exposed to the broad strength in ‘king dollar’ today and reaffirms our lookout that what we saw yesterday and even the prospects of a Rishi Sunak leadership is not ‘game changing’ to GBP markets,” Viraj Patel, senior strategist at Vanda Research, told.
“Overseas investors can see this political volatility as one more reason to get out of U.K. assets.”
Sunak is the finance minister under former Prime Minister Boris Johnson and ran against Truss for leadership in the summer, and he is considered a favorite to take her position.
In the campaign, he is well aware that Truss’ plans for massive tax cuts lead to “higher inflation, higher mortgage rates and entered savings” and cause a sell-off in bond markets which is precisely what happened, sparking calls for her to resign.
While the pound was in decline against the dollar, rallying massively against different currencies on Fed rate hike anticipations and stock market volatility, it is increasing and decreasing following the controversial ‘mini-budget’ on September 23, which contained billions in unfunded tax cuts. Sterling reached an all-time low against the greenback on September 25.
However, the currency saw some uptick when the Bank of England started emergency bond-buying on September 28, and almost all of the tax cut plans were reversed on October 17.
“We have a fiscal deficit, an account deficit, and we are at the behest of the kindness of strangers and have been for many years, in practice,” he further said.
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