Pound Sterling Price News and Forecast: GBP/USD has recouped all losses
|Pound falls to record low versus the dollar, crude oil declines to nine-month low [Video]
GBPUSD fell to a record low on Monday, as markets continued to react to the British government's decision to make an array of significant tax cuts. Following last week’s 50 basis point hike by the Bank of England, Finance Minister Kwasi Kwarteng moved to adjust income tax in the UK.
The sterling crisis: the BOE is set to step in, but what will it say?
The pound remains in crisis, it had another surge lower to $1.0350 overnight, although it has recouped all losses at the time of writing, caused by expectations that the Bank of England will release a statement or hold an emergency rate hiking meeting soon. The “doom spiral” for the pound is only being remedied on Monday by the prospect of BOE action.
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