UK’s Sunak: Ready to do more to support households – FXStreet
“I have always said I am ready to do more to support households,” UK Finance Minister Rishi Sunak said Thursday.
“We continue to learn more and that will help us to get the decisions right.”
“I am not naturally attracted to windfall taxes in general.”
“Oil and gas firms are making big profits because of elevated prices.”
“If the investment doesn’t happen, no options are off the table. “
“He is pragmatic about windfall taxes.”
His comments come after the UK economy contracted 0.1% in March while growing merely 0.8% QoQ in Q1 2022.
GBP/USD remains heavy around 1.2200, fading BOE Dave Ramsden’s comments-led rebound. The pair is down 0.38% so far.
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EUR/USD is extending the rebound from five-year lows near 1.0400, as bulls regain the upside conviction amid a pullback in the US dollar. The improving market mood is lending support to the pair’s recovery. US Consumer Sentiment data awaited.
GBP/USD is licking its wounds near 1.2200, stalling its recovery from a two-year low of 1.2165. The positive shift in the market’s risk perception and a broad US dollar retreat are aiding the pair’s rebound.
Gold prices recover during the sluggish Asian session on Friday, following a slump to the lowest levels since February the previous day. The bullion quotes $1,827 as the latest price as traders await preliminary readings of the US Michigan Consumer Sentiment data for May.
Bitcoin shows interesting setups from multiple time frames that hint at a confluence. This convergence occurs for the short-term bullish outlook as well as the macro bearish scenario for BTC.
Markets are spooked. The Dow is down 12.4% since the New Year. The NASDAQ Composite has shed more than a quarter of its value and the broad-based S&P 500 is 17.4% lower.
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May 13, 2022 at 01:44AM