The American economy grew by an annualised rate of 4.3% in the third quarter of 2025, smashing forecasts of just over 3%. Consumer spending, exports and government spending all played their part in the biggest quarter-on-quarter expansion in two years.
Even with muted trading volumes, the US dollar was able to claw back the half-cent it had shed to the euro and pound in Tuesday’s morning session following the release of that data.
The other notable release on Tuesday also came from the USA in the form of durable goods orders. October saw a 2.2% fall in month-on-month volumes, led by steep falls in defence and non-defence aircrafts.
In Westminster, the government agreed to raise the inheritance tax threshold on farms from £1 million to £2.5 million. That marked a significant U-turn and an unusual one at that, coming as it did outside of parliamentary session. The decision will cost the taxpayer roughly £130 million annually.
Christmas is a time for festive treats, but Scottish whiskey makers haven’t been feeling very jolly. Sales fell by 3% in the first half of this year and manufacturers and distillers are now sitting on something of a supply glut. They’ll be hoping British consumers put a dent in those numbers over the coming days.
Speaking of whiskey, we’ll take a two-day hiatus from the daily currency updates for the festive break (please refer to our opening hours for details of when you’ll be able to contact us). From all the team, we wish you and your loved ones a happy and joyous Christmas.
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