Foreign exchange markets have calmed since yesterday, though the Japanese yen continued to weaken.
In the UK, long-term bond yields, particularly the 30-year gilt, hit a high of 5 and 3/4%, the highest since May of 1998, before easing after Chancellor Rachel Reeves pledged tight control over spending to curb inflation and borrowing costs, announcing the autumn statement for November 26. The pound extended its recent run of declines before finally finding some footing. Bank of England Governor Bailey and other MPC members will speak before the Treasury Select Committee today.
In the US, President Trump ruled out lowering tariffs on India and criticized China’s military parade, highlighting ongoing global trade and political tensions. US Treasury Secretary Scott Bessent is set to begin interviews for the next Federal Reserve chair, while Fed Governor Lisa Cook faces scrutiny over mortgage fraud allegations. The Senate will also consider Steven Moran’s nomination to replace Adriana Kugler, raising concerns about Fed independence.
In Australia, stronger than expected Q2 GDP growth reduced expectations for an RBA rate cut, though the Australian dollar showed little movement against the US dollar. Today’s data focus includes US JOLTS jobs openings, factory orders, and the Fed’s Beige Book, with remarks expected from hawkish Fed voter Musalem.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
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