Tuesday, 07 July 2020
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Pound Falls on Brexit Budget Report; Turkish Lira Recovers
Tuesday, 8 October 2019 15:44 WIB | CURRENCIES |poundPoundsterling

The British pound headed lower again in early trade on Tuesday after a warning that a Hard Brexit could deliver a 100-billion pound blow to public finances.

A report by the Institute for Fiscal Studies think-tank concluded that the budget deficit could rise to 4 percent of gross domestic product if the U.K. leaves the European Union without a transitional agreement, as Prime Minister Boris Johnson is currently threatening to do. There is little sign of the EU accepting the U.K.™s latest proposals on changes to the existing Withdrawal Agreement in time for a new agreement to be finalized at next week™s summit.

Johnson™s finance chief Sajid Javid has already announced large increases in public spending to cushion the economy in the event of a Brexit shock, leaving the government no room for any additional budget shortfalls if it is to stick to a fiscal rule that says public debt must fall as a proportion of GDP next year.

Sterling was also hit by a report from the British Retail Consortium showing a 1.3 drop in retail sales in September, down from a 0.7% increase last year.

By 3:35 AM ET (07:35 GMT), GBP/USD was down 0.1% at $1.2279, having earlier hit a one-month low of $1.2269. Sterling was also down 0.2% against the euro at 1.1180, having hit a four-week low of 1.1175.

The dollar index, which measures the greenback against a basket of developed-market currencies, was little changed from late Thursday at 98.610.

Source : Investing.com

RELATED NEWS
Sterling Falls vs Euro, Steady vs Dollar; Chancellor's Support Measures in Focus...
Monday, 6 July 2020 15:46 WIB

The pound fell against the euro, as the common currency rose on Monday, and held steady against the U.S. dollar, as traders looked ahead to this month's Brexit negotiations and more government support...

Dollar in Tight Range Ahead of U.S. Services Sector Data...
Monday, 6 July 2020 08:56 WIB

The dollar held steady against most currencies on Monday as investors awaited data expected to show the U.S. services sector stopped contracting, and highlighting the economic recovery from the corona...

Dollar Rises as Risk Appetite Tempered by Rising COVID-19 Cases in U.S....
Friday, 3 July 2020 22:04 WIB

The dollar edged up on Friday but was set for its biggest weekly fall since the start of June, as a sentiment boost from better-than-expected jobs data in the United States was tempered by surging cor...

Dollar edges up; Aussie and Kiwi gain slightly on U.S. and China data...
Friday, 3 July 2020 15:20 WIB

The dollar edged up in early London trading on Friday and currency traders' risk appetite was boosted only slightly by better-than-expected jobs data in the United States, as surging coronavirus cases...

Dollar Steadies As U.S. Coronavirus Cases Rise Before Long Holiday...
Friday, 3 July 2020 09:56 WIB

The dollar was hemmed into a narrow range on Friday, supported by safe-haven flows as a resurgence of the coronavirus in the United States discouraged some investors from taking on excessive risk. Th...

LATEST NEWS
Wall Street jumps on strong services sector, hopes of China recovery

U.S. stocks rose sharply on Monday as a rebound in U.S. services industry activity in June and expectations of a revival in China™s economy boosted optimism, helping investors look past a surge in new coronavirus cases in the United States. A...

Hong Kong Stocks End With More Big Gains (Review)

Hong Kong stocks soared again Monday, tracking a surge in mainland Chinese markets and extending a rally into a fourth day on hopes for the economic recovery from the coronavirus. The Hang Seng Index rose 3.81 percent, or 966.04 points, to...

Oil steady as hopeful economic data face spike in virus cases

Oil futures ended largely steady on Monday as positive economic data supported prices, while a spike in coronavirus cases in the United States that could curb fuel demand pressured prices. Brent crude settled at $43.10 a barrel, up 30 cents. U.S....

POPULAR NEWS
Gold Rises Back Near $1,800 as U.S. Dollar Softens to Start July's First Full Week
Monday, 6 July 2020 20:16 WIB

Gold futures headed higher early Monday, supported in part by a weakening U.S. dollar, which was providing a runway for the commodity even as global...

Gold Ticks Up on Concerns Over Increase in Virus Cases
Monday, 6 July 2020 14:27 WIB

Gold climbed as investors sought haven assets amid the rise in coronavirus cases, with the World Health Organization reporting a one-day high...

Gold Ticks Up on Concerns Over Increase in Virus Cases
Monday, 6 July 2020 08:11 WIB

Gold climbed as investors sought haven assets amid the rise in coronavirus cases, with the World Health Organization reporting a one-day high...

Gold futures finish higher, near 1-week high
Tuesday, 7 July 2020 01:35 WIB

Gold futures moved higher on Monday, building on last week's climb to mark their highest finish in almost a week. The ICE U.S. Dollar Index was...