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British Pound Bounces from Record Low as BoE Response Takes Focus

By Ambar Warrick  AiVIF.com-- The British pound jumped from record lows on Tuesday as local Treasury yields surged, with focus now turning squarely to potential policy actions...
British Pound Bounces from Record Low as BoE Response Takes Focus © Reuters.
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By Ambar Warrick 

AiVIF.com-- The British pound jumped from record lows on Tuesday as local Treasury yields surged, with focus now turning squarely to potential policy actions by the Bank of England (BoE) to stabilize local currency markets. 

The pound rose 0.7% to $1.0764 by 22:38 ET (02:38 GMT), after plummeting to a record low of $1.0327 on Monday. The currency’s sharp selldown was driven chiefly by concerns over a new plan to cut taxes. 

New UK finance minister Kwasi Kwarteng last week unveiled Britain’s biggest package of tax cuts in 50 years, which was likely to be funded by increased borrowing. But traders balked at the sustainability of the proposition, considering that the UK faces slowing growth and twin deficits.

Kwarteng’s proposition was a bid to shore up economic growth, which is reeling from a mix of high inflation and rising interest rates. But the proposition also threatens to stretch already strained fiscal spending.

On Monday, BoE Governor Andrew Bailey attempted to soothe markets by stating that the bank will raise rates as much as necessary at its next meeting. But the comments did little to lift the pound, as they quashed expectations that the BoE will enact an emergency rate hike. 

The BoE hiked rates by 50 basis points last week, and signaled that more tightening was in order. But the pound’s latest slump could see the bank substantially increase its pace of rate hikes.

“It looks like markets are giving sterling the benefit of the doubt for now, though any mistakes will likely be punished severely and they may not wait until November for the new plan,” analysts at ING wrote in a note.

Analysts also speculated over the different methods through which the British government could support the pound. While an emergency rate hike was ruled out, they raised the possibility of the government scaling back the proposed tax cuts.

Another possible response is the reduction of quantitative tightening by the BoE, particularly as gilt yields raced to over a decade high.

Analysts also raised the possibility of government intervention in currency markets, as seen in Japan last week. The British government could also open dollar swap lines, or a flexible credit line with the International Monetary Fund. 

 

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Sell (2)

Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

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Moving Avg:

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Silver Futures

26.677

+0.023 (+0.09%)

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Copper Futures

4.5305

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Crude Oil WTI Futures

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Brent Oil Futures

85.62

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1.946

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US Coffee C Futures

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Euro Stoxx 50

4,920.55

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S&P 500

5,035.69

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DAX

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FTSE 100

8,144.13

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Sell

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Hang Seng

17,763.03

+16.12 (+0.09%)

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Sell (12)

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US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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IBEX 35

10,854.40

-246.40 (-2.22%)

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Neutral

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BASF SE NA O.N.

49.155

+0.100 (+0.20%)

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Bayer AG NA

27.35

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Allianz SE VNA O.N.

266.60

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Summary

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Adidas AG

226.40

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Sell (12)

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Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

Summary

Neutral

Moving Avg:

Buy (3)

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Indicators:

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Siemens AG Class N

175.90

-1.74 (-0.98%)

Summary

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Deutsche Bank AG

15.010

-0.094 (-0.62%)

Summary

Neutral

Moving Avg:

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Indicators:

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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SJC Eximbank8,300/ 8,500
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