UK Treasury Minister Jones: No need for any emergency intervention
Source Fxstreet
British Treasury Minister Darren Jones said on Thursday that public spending will be in line with what was set out in the Autumn Budget and added that there is no need for any emergency intervention bu Finance Minister Rachel Reeves, per Reuters.
Key takeaways
"The government does not comment on specific market movements."
"It is normal for the price of gilts to vary."
"UK financial markets continue to function in an orderly way."
"We have set tough new fiscal rules that are non-negotiable."
Market reaction
These comments failed to trigger a recovery in Pound Sterling. At the time of press, GBP/USD was down 0.7% on the day at 1.2280.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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EUR/USD: Below 1.0255 before further losses can be expected – UOB GroupInstead of declining further, EUR is more is likely to trade in a 1.0275/1.0355 range. In the longer run, EUR has to break clearly below 1.0255 before further losses can be expected, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
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GBP/USD: Significant support level at 1.2300 can be out of reach – UOB GroupThe Pound Sterling (GBP) is likely to decline; the significant support level at 1.2300 could be out of reach. In the longer run, risk has shifted to the downside but note that there is a significant support level at 1.2300, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
The Pound Sterling (GBP) is likely to decline; the significant support level at 1.2300 could be out of reach. In the longer run, risk has shifted to the downside but note that there is a significant support level at 1.2300, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
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