Hunt announces significant changes in fiscal policy, House of Representative's shake-up following projected Republican Victory, Meloni's increase govt. spending in first budget
November 18, 2022
GBP/USD 1.1909 GBP/EUR 1.1488 EUR/USD 1.0367 USD/CAD 1.3334 EUR/CHF 0.9855 EUR/SEK 10.9996 EUR/NOK 10.4848 EUR/DKK 7.4381 USD/ILS 3.4741 AUD/USD 0.6707 NZD/USD 0.6169 USD/SGD 1.3741 USD/JPY 140.16 USD/CNH 7.1334 USD/INR 81.6913 EUR/ILS 3.6014 GBP/ILS 4.1373 USD/ZAR 17.3681
Yesterday saw Jeremy Hunt announce a wave of spending cuts. In a stark reversal from the policies of Kwasi Kwarteng’s budget almost two months ago.
UK retails sales rebounded in October; however, the extent of this rebound was less than expected. The volume of good sold rose 0.3% less than forecasts of a 0.6% gain.EUR
The EU offered a plan to break the deadlocked climate talks at COP27, proposing a damage and loss finance facility in exchange for pledges to phase down fossil fuels. The event is set to finish today, however talks are likely to continue into the weekend.
Giorgia Meloni’s government will devote about €30 billion for extra spending in her first budget. The Budget is set to be approved early next week.USD
Nancy Pelosi stepped down as Speaker yesterday, following the projected republican victory in the House of Representatives. Kevin McCarthy is likely to succeed Pelosi as speaker.
US Mortgage rates fell the most in 41 years after a rapid run-up that quickly priced out homebuyers. The average rate for a 30-year fixed loan dropped to 6.61% from 7.08% the prior week.ASIA/PACIFIC
Japanese consumer inflation accelerated to the fastest clip in 40 years, putting the BOJ in an awkward position as it defends its monetary stimulus policies. CPI extended its climb to 3.6% in October, beating consensus and marking the highest since 1982.
South Korea is expected to ask major institutions to adjust their overseas investment plans to stabilise FX demand and supply.ILS
USDILS trades 0.35% higher intraday as we print.
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