Sterling’s sharp reversal against almost all major currencies last week was caused by a worsening picture for its economy overall, but also by the market’s view of the BoE potentially rowing back on a 75 basis interest rate rise at Thursdays meeting of the MPC.
That’s not the only big economic event of the week. New chancellor of the exchequer Kwasi Kwarteng will delver his “fiscal event” on Friday, where he is expected to announce tax cuts in a battle to raise growth in the economy.
Normal business and government work will start after today’s state funeral.
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