Today's forex news: UK borrowing plans sends the pound tumbling
EUR/USD 🔽
GBP/USD 🔽
AUD/USD 🔽
USD/CAD 🔼
XAU 🔽
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The British government announced its plan in response to the economic challenges, it proposed massive tax cuts and increased borrowing following the 50 bps rate hike last week. GBP/USD then plunged over 400 pips, to a three-decade low of 1.0401, finally recovering to a closing price of 1.0856.
Meanwhile, recession fears have also haunted other non-US major currencies, the Euro / Dollar pair declined further to 0.9600, before closing at 0.969 - a level not seen since 2002. Later this afternoon, the German GDP and Business Climate Index will be available, as the market expects the German GDP growth for the third quarter this year to remain at 0.1%.
AUD/USD fell to 0.6527, losing more than 110 pips in the process. The greenback climbed to 1.3589 against the loonie, currently higher at 1.3613. Risk-off sentiment also suppressed global demand for commodities, gold was traded lower at $1,643.57 an ounce, and WTI crude futures slumped to an eight-month low at $78.74 a barrel.
Fueled by a strong dollar, Both US stocks and crypto markets recorded considerable losses, S&P 500, Nasdaq 100, and the Dow all lost over 4%, and Bitcoin broke through the $19,000 level to $18,935.0.
More information on Mitrade website.
GBP/USD 🔽
AUD/USD 🔽
USD/CAD 🔼
XAU 🔽
WTI 🔽
The British government announced its plan in response to the economic challenges, it proposed massive tax cuts and increased borrowing following the 50 bps rate hike last week. GBP/USD then plunged over 400 pips, to a three-decade low of 1.0401, finally recovering to a closing price of 1.0856.
Meanwhile, recession fears have also haunted other non-US major currencies, the Euro / Dollar pair declined further to 0.9600, before closing at 0.969 - a level not seen since 2002. Later this afternoon, the German GDP and Business Climate Index will be available, as the market expects the German GDP growth for the third quarter this year to remain at 0.1%.
AUD/USD fell to 0.6527, losing more than 110 pips in the process. The greenback climbed to 1.3589 against the loonie, currently higher at 1.3613. Risk-off sentiment also suppressed global demand for commodities, gold was traded lower at $1,643.57 an ounce, and WTI crude futures slumped to an eight-month low at $78.74 a barrel.
Fueled by a strong dollar, Both US stocks and crypto markets recorded considerable losses, S&P 500, Nasdaq 100, and the Dow all lost over 4%, and Bitcoin broke through the $19,000 level to $18,935.0.
More information on Mitrade website.