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The pound hammered, will it last?
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Monday 26th September 2022
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The UK budget that wasn’t a real budget, turned out to be more far reaching than most budgets and certainly had far more market impact. On today’s podcast Phil asks NAB’s Ray Attrill whether the sharp fall in the pound will be retraced this week, particularly as the UK’s government debt is still far less than many other European nations. Italy’s election results will be released shortly, but the lurch to the right has already been well signalled. On the data front, PMIs on Friday showed further weakness in Europe and the UK, with some gains in the US, but the picture is not pretty anywhere. Today data includes Germany’s IFO and the OECD’s interim economic outlook. More importantly, there are a few inflation indicators later in the week for the US, the Eurozone, China and Australia.
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