Pound jumps against dollar on UK tax U-turn, weak US data
The Hindu
A week after hitting an all-time low against the US unit, sterling was up 1.1 percent at $1.1301 around 1530 GMT, for a fifth straight day
The pound jumped one percent against the dollar on Monday after the British government dropped a controversial tax cut and data showed weak growth in US manufacturing.
A week after hitting an all-time low against the US unit, sterling was up 1.1 percent at $1.1301 around 1530 GMT, for a fifth straight day of rises against the dollar since its September 26 nadir of $1.035.
The rise came after UK finance minister Kwasi Kwarteng went back on a key plank of the mini-budget he presented just days before – abolishing the highest income tax rate of 45 percent for the highest earners.
"This embarrassing climb down, taking unfunded tax cuts off the table, which Chancellor Kwasi Kwarteng has called a distraction, will help reassure the markets a little that the more reckless nature of this new administration can be reined in by the Conservative party," commented Susannah Streeter, analyst with Hargreaves Lansdown.
Across the Atlantic, data showing the slowest growth since May 2020 in US manufacturing activity in September amid a decline in orders and an expected wider economic slowdown hit the US dollar.
The Institute for Supply Management said its monthly manufacturing index slid 1.9 points to 50.9, well below expectations, and just above the 50 points level indicating growth.
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