4 Global Market Updates- 17 October, 2022

 

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

GBP/USD is unlikely to rise even if the next Chancellor restores confidence – SocGen

Today’s economic policy announcement will come from the new Chancellor, Jeremy Hunt. Delivering a crystal-clear message to stabilize the gilt market and, ideally, regain confidence, Kit Juckes, Chief Global FX Strategist at Société Générale, believes that sterling volatility should dissipate and gilt rates should decrease.

“The Conservative Party is still in chaos, but market confidence will return if Mr. Hunt receives support from his party for initiatives to address the problem. Although that’s positive for gilts, I doubt it will push sterling much higher than this.

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