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The British pound (GBP) clawed its way back from its previous crash as relief at the Bank of England (BoE)’s intervention in the bond market eased away.
Sterling recorded its highest jump since mid-June yesterday after the BoE announced plans of an emergency bond-buying plan to support the freefall suffered by the economy and the single currency. At press time, the British currency trades up by 0.88% or 1.0999, its highest point since 23 September.
This comes as Prime Minister Liz Truss defended her tax-cutting budget plans, noting, “We are facing difficult economic times.” The PM added:
“I don’t deny this. This is a global problem. But what is absolutely right is the UK government has stepped in and acted at this difficult time.”
Commenting on the BoE’s recent actions, Global Head of Markets at ING Chris Turner noted:
“There is only so much the BoE can do to support cable since we think FX intervention and emergency rate hikes are not on the table. And we see no change in the strong dollar story over the next six to nine months.”
Turner added: “Expect cable volatility to stay high… trying to hold sterling together until the 3 November BoE rate meeting or 23 November fiscal update will be a tough challenge for policymakers.”
British Pound Slumped Following Tax Cuts Announcements
The pound slumped to a record low of 1.0359 on Monday as investors reacted aggressively to Britain’s plans for tax cuts funded by a notable increase in borrowing as the BoE fought to bring inflation under control.
Meanwhile, DBS currency strategist Philip Wee noted that “Sterling is not out of the woods,” adding, “The BoE is seen addressing the symptom and not the cause.” Wee further narrated:
“The … government has yet to address the credibility of the tax cut plans, which critics see adding to the inflation woes.”
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