Today's Forex news: Fed’s Kashkari Warns on Tightening; 10-Year Treasury Yields Exceed 4%; S&P 500 Reaches 2-Year Low; US Dollar Hits Long-Term Highs Against EUR and NZD; IMF Criticises UK Tax Cut Plan.
The US Federal Reserve’s Kashkari has added to risk-off sentiment by commenting that there is “a lot of tightening in the pipeline”.
The Pound’s very strong fall has been mostly triggered by the UK government’s announcement of plan to cut taxes by a historic amount, financed by massive borrowing. Markets do not like the plan, which has just been strongly criticised by the International Monetary Fund. UK yields have risen dramatically, and it is likely that the UK’s credit rating will be impacted.
Hurrican Ian has reached Cuba, and its powerful winds have taken the entire Cuban electricity grid offline. Hurricane Ian is expected to make US landfall tomorrow at Tampa, Florida. Daily new coronavirus cases globally dropped last week for the tenth consecutive week, giving rise to the hope that the pandemic is finally over in any meaningful sense. Last week, President Biden declared the pandemic “over”.
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