11:50 AM · 13 October 2022

BREAKING: British government plans 180 turn on tax cuts - pound gains nearly 1.5%

The British government is about to change its approach to the "mini" budget in a big way. The government is to consider which tax-cutting plans to abandon. It is worth recalling that the market was very doubtful about the financing of this plan, hence the earlier massive weakness of the pound.

GBPUSD is gaining almost 1.5%, while 10-year bond yields are down 50 basis points. On the other hand, it's worth mentioning that these are only supposed to be proposals for changes to the mini-budget, so more volatility on the pound may yet come.

Source: xStation5

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