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Sep 23 - 01:55 PM

GBP/USD - Slammed Relentlessly After UK Stimulus Plan Sends Rates Soaring

By Paul Spirgel  —  Sep 23 - 01:30 PM
  • GBP/USD drops 3.25% to 1.09 into NY close, Friday range 1.1274-1.0864

  • UK mini-budget rife with tax cuts and subsidies will deepen UK C/A deficit

  • Gilt, front-end yields soar as UK to raise borrowing by 45% to GBP 234bn

  • Rising yields no solace for sterling as budget worries mount nL1N30U0ZB

  • UK 5-yr credit default swap +3.5 bps to 34.5bp, highest since early COVID

  • GBP$ supt at 1.0864 Fri low, 1.0805 Mar 14 '85 low, 1.064 Mar 8 '85 low

  • Res 1.0912 lwr 30-h Bolli, 1.1008 10-HMA, 1.1111 lower 30-d Bolli

  • GBP broadly sold vs majors; -2% vs EUR, and -1.4% vs low-yielding JPY


Source:
Refinitiv IFR Research/Market Commentary

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