Sterling oscillated wildly against the euro and US dollar yesterday in an interesting day for the British economy; one which ended the day with sterling left largely unchanged against the euro but around a third of a cent down on the dollar.
This morning sterling has softened again, despite learning today that unemployment fell again last month to a new multi-decade low and the BRC retail sales monitor grew by 1.8% in the year to September, well ahead of expectations.
Wages have risen at a record rate, but slower than prices are rising.
Yesterday there was a sell off in UK government bonds which sent borrowing costs up and 30-year gilt yields on 4.68%. The Bank of England said it would increase the pace of bond buying.
There were moves in the Treasury, with the chancellor Kwasi Kwarteng promising to publish the medium-term fiscal plan and official forecasts forward from the planned date in late November to 31 October.
A former chair of the US Federal Reserve, Ben Bernanke, won the Nobel Prize for Economics yesterday.
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