053 - UK minibudget causes volatility spike; 45% tax cut backtracked
Last week's minibudget caused vast amounts of volatility in the Gilt market, with GBPUSD reacting. Finally, the BoE stepped in to calm markets. Since then, UK Chancellor Kwasi Kwarteng has backtracked on 45% tax rate cut. The core PCE in the US surprised to the upside at 4.9%, suggesting sticky inflation. This Friday, we will see the NFP numbers, with forecasts ranging between 250-265k, suggesting moderation in job numbers.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.