Forex Today: Eyes on UK’s fiscal policy, Japan intervention amid a cautious start to the week RiskAversion UnitedKingdom Politics USDJPY DollarIndex
The US dollar sees a negative start to the week, mainly undermined by the extended recovery rally inon UK political uncertainty. The safe-haven greenback ignores investors’ worries over China doubling down on its zero-Covid policy, aggressive Fed rate hike expectations and looming recession risks. In lieu of these concerns, the Eurostoxx futures are down -0.10% in early European trading, as traders question the 0.85% gain in the US S&P 500 futures.
Meanwhile, Labour Party leader Keir Starmer called on PM Truss to make an urgent Commons statement on Monday. The new chancellor, Jeremy Hunt, appointed after the sacking of Kwasi Kwarteng on Friday, spent the weekend trying to offer reassurance that the government had control of the economy. Further, Bank of England Governor Andrew Bailey’s meeting with Hunt and the resultant encouraging remarks by the central bank chief helped GBP open the week with a big bullish gap.
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