The dollar is strong across the board this morning, reaching a two-year high against the pound and trading around a two decade high against the euro. It is benefitting from its status as a safe-haven currency as fears of a global recession increase.
Rising gas prices and decreasing supplies have exacerbated worries about the health of the European and UK economies, as have concerns about labour shortages and high inflation.
This morning, Bank of England official, Jon Cunliffe, said that the Bank will act to ensure that high inflation doesn’t become embedded in the economy.
Yesterday, two senior government ministers, Chancellor Rishi Sunak and Health Secretary Sajid Javid, resigned from their posts. Boris Johnson’s future is now in doubt and all eyes will be on Prime Minister’s questions later today.
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