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GBP Firms In Early Trade, Fiscal & BoE Outlooks In Focus

GBP

GBP/USD is higher in early trade today. We ended last week at 1.1170/75, but have probed above 1.1270 in the first part of trading today. We are a little lower now, last at 1.1235/40, still around +0.60% on NY closing levels. Note recent highs in the pair came in at 1.1380 last Thursday, while some support is evident around 1.1150.

  • The focus remains on the fiscal outlook. New Treasury Hunt is reviewing the government's fiscal plans, details of which will be announced at the end of this month (see this link).
  • Market reaction will be further informed this evening, when UK gilt markets open, with no BoE backstop in place, as the central banks' emergency bond buying program ended on Friday.
  • U.K Prime Minister Truss shelved plans to freeze the corporate tax rate on Friday, although some analysts suggest more is needed to firm up the longer term fiscal outlook.
  • Also note BoE Governor stated over the weekend that a stronger response may be needed from the BoE to curb inflation pressures (see this link). These comments were made in Washington on the sidelines of IMF meetings.
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