The Pound continued its steady recovery over the last 24 hours. GBP/EUR is now at an interesting rate where there could be resistance on the upside. If the rate breaks through and holds we could well see a recovery back into the more established range following the catastrophic drops following the mini budget. The Chancellor, Kwasi Kwarteng, has moved forward his explanation of the debt and tax cuts from the 23rd November to the end of October to help stabilise the markets.
GBP/USD is similar with a nice, steady recovery since last Wednesday. Time will now tell if the recovery continues. The many speeches by the FED yesterday don't seem to have had much effect on rates.
In Australia the Reserve Bank of Australia raised interest rates by 0.25% to 2.6%. Analysts had expected a 0.5% rise. This caused a small jump in GBP/AUD rates, but this has been given back in the early hours.
Today sees ongoing speeches by the FED, but eyes will probably be turning towards the OPEC meeting scheduled for tomorrow as the price of oil has been a hot topic for some time now.
Today’s Economic Calendar
US: 14:00 FED's John Williams Speech
US: 14:15 FED's Loretta Mester Speech
US: 18:00 FED's Mary Daly Speech
As ever we look forward to keeping you in the loop and look out for our next update.
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