4 Global Market Updates- 8 September, 2022

 

In this article, we have covered the highlights of global market news about the GBP/USD, GBP/JPY, EUR/USD and USD/CAD.

GBP/USD fails to get momentum, remaining on the defensive around 1.1500.

The GBP/USD pair oscillates in a range on Thursday as it fails to build on the previous day’s recovery from the area of 1.1400, or the lowest level since 1985. Early in the European session, the pair is observed trading at the 1.1500 level, and it seems susceptible to continuing its roughly one-month-old bearish trend.

Concerns about the UK debt market are increased by the incoming British Prime Minister Liz Truss’s planned £30 billion in tax savings and a ceiling on family energy costs. Additionally, during their Wednesday testimony before the Treasury Committee of Parliament, Bank of England officials did not support the case for a more aggressive rate rise. This is seen as a significant element that keeps the British pound in the red and works against the GBP/USD pair.

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