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19 Oct 2022

UK Politics: Dramas and more resignation letters

In recent trade, there has been news that Suella Braverman has resigned as interior minister after just 43 days in the role, citing a breach of rules as well as concerns over the direction of the government:

In the resignation letter posted to Twitter, she said, “It is with the greatest regret that I am choosing to tender my resignation.”

The political shake-up is just one of a number of themes weighing on the pound at a hugely turbulent time for the government, with Truss under intense pressure to resign after a budget on September 23 set of turmoil in financial markets.

On Friday, Truss fired her finance minister, Kwasi Kwarteng, over the incident.

GBP/USD update

Meanwhile, the pound is down 1% on the day and has dropped from a high of 1.1357 to a low of 1.1184 so far and the markets expect sterling to remain under pressure amid an outlook for rising inflation and a recession in Britain.

The Bank of England is expected to increase rates by 75 basis points rather than 100 bps at its November meeting following Wednesday's Consumer Price Index inflation data. The UK Office for National Statistics has reported the headline Consumer Price Index (CPI) at 10.1%, higher than the expectations of 10% and the prior release of 9.9%. Also, the core CPI has escalated to 6.5% than the projections of 6.4% and the former figure of 6.3%.

GBP/USD H1 chart

Oct 19, 2022

Gold Price Forecast: XAU/USD dives to fresh three-week lows below $1,630

Gold futures accelerated their downtrend on Wednesday to reach fresh three-week lows right below $1,630. The yellow metal dives nearly 1.5% so far tod
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Oct 19, 2022

Silver Price Forecast: XAG/USD drops due to heightened global inflation as bond yields rise

Silver price slid for the first time in the week following the release of UK, EU, and Canada inflation data, which remained stubbornly high, sparking
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