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| Intra-day Market Moving News |
| 3 Oct 2022 |
22:34 |
USD/JPY - 1440.51.. Reuters news, North Korea fired what could be a ballistic missile ? Japan coast guard
Japan govt warns citizens to take cover after missile launched from N. Korea |
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| 3 Oct 2022 |
22:26 |
GBP/USD - 1.1319.. Reuters reported British Finance Minister Kwasi Kwarteng is to bring forward publication of his medium-term fiscal plan to bring down public debt to later this month, the Financial Times and a government source said on Monday.
Earlier, Kwarteng said he was dropping his plan to scrap the top rate of income tax, which had caused an uproar including among some lawmakers within his own Conservative Party and helped trigger turmoil in financial markets.
He had previously said he would deliver his fiscal statement on Nov. 23, but in a speech to the ruling Conservative party conference said he would publish more details "shortly" of his plans for cutting debt alongside full forecasts from Britain's independent fiscal watchdog, the Office for Budget Responsibility (OBR).
A government source told Reuters the "OBR can move quicker, so can we".
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| 3 Oct 2022 |
22:25 |
GBP/USD - 1.1320.. Reuters reported near NY close Bank of England policymaker Catherine Mann said her vote last month to raise Bank Rate by 0.75 percentage points reflected her concerns about a weak currency, rising inflation expectations and the boost to household incomes from an energy price cap.
The BoE's Monetary Policy Committee was split three ways when voting to raise rates last month, with the majority supporting a half-point rate rise to 2.25%, while Mann and two others backed 2.5% and new member Swati Dhingra sought an increase to 2%.
Mann said her vote was driven by factors that had been building over the course of the year, including how tighter U.S. monetary policy had tended in the past to weaken sterling and increase British inflation, which is now near a 40-year high.
"I do see increasingly embedded inflation, I do see inflation expectations drifting, I do see a sterling depreciation spillover and I do see daylight between real incomes and real consumption possibilities," she said in a discussion at Canada's C.D. Howe Institute.
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| 3 Oct 2022 |
16:14 |
GBP/USD - 1.1264... Reuters reported the Bank of England issued a statement on Monday in which it said it was reaffirming its willingness to buy up to 5 billion pounds ($5.65 billion) of long-dated gilts at each of its daily reverse auctions, subject to a reserve price.
Earlier on Monday, the BoE accepted just 22.1 million pounds of offers at its reverse auction, out of 1.9 billion pounds of offers submitted.
"Following the first four auctions, and in line with its financial stability objective, the Bank of England is re-confirming that it will carry out temporary purchases of long-dated UK government bonds until 14 October 2022," the BoE said.
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| 3 Oct 2022 |
16:12 |
GBP/USD - 1.1271... Reuters reported British finance minister Kwasi Kwarteng said on Monday he would publish details "shortly" on how he planned to bring down public debt as a share of economic output over the medium term, addressing concerns among investors over the cost of his recently announced tax cuts.
"Today we face new challenges and in addressing those challenges, we will act in a fiscally sustainable and responsible way," Kwarteng said in a speech to the annual Conservative Party conference.
"That is why, shortly, we will publish a medium-term fiscal plan, setting out our approach more fully."
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| 3 Oct 2022 |
14:02 |
USD/MAJORS - Reuters reported U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years in September as new orders contracted, likely as rising interest rates to tame inflation cooled demand for goods.
The Institute for Supply Management (ISM) said on Monday that its manufacturing PMI dropped to 50.9 this month, the lowest reading since May 2020, from 52.8 in August.
A reading above 50 indicates expansion in manufacturing, which accounts for 11.9% of the U.S. economy. Economists polled by Reuters had forecast the index slipping to 52.3.
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| 3 Oct 2022 |
10:58 |
GBP/USD - 1.1194... Reuters news, UK PM Truss's spokesman says :
- FinMin Kwarteng and Truss came to decision on Sunday on reversing decision to scrap 45% tax rate
- confident the rest of the measures in the mini budget will pass through parliament
- FinMin's medium-term fiscal statement still planned for Nov 23
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| 3 Oct 2022 |
08:31 |
GBP/USD - 1.1215... Reuters reported British manufacturing output fell for a third month in a row in September and orders declined for a fourth consecutive month, hurt by falling foreign demand, according to a closely watched survey released on Monday.
The S&P Global manufacturing Purchasing Managers' Index (PMI) rose to 48.4 from August's 27-month low of 47.3 but remained below the 50-level that separates growth from contraction and was a fraction weaker than the initial 'flash' estimate of 48.5.
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| 3 Oct 2022 |
07:57 |
EUR/USD - 0.9812... Reuters reported German manufacturing activity contracted for a third month in a row in September, hurt by a deepening downturn in new orders as the soaring cost of energy set off alarm bells about the outlook for business, a survey showed on Monday.
S&P Global's final Purchasing Managers' Index (PMI) for manufacturing, which accounts for about a fifth of Germany's economy, fell to 47.8, its lowest since June 2020 and down from 49.1 in August. Readings below the 50 mark indicate shrinking activity.
A Reuters poll of analysts had pointed to a September reading of 48.3.
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| 3 Oct 2022 |
07:22 |
GBP/USD - 1.1212... Reuters news, UK FinMin Kwartent says :
- high interest rates have been driven by the Fed, it is a global issue
- broader international picture was part of the response to mini budget
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| 3 Oct 2022 |
06:36 |
GBP/USD - 1.1205.. Reuters then reported the government of British Prime Minister Liz Truss was forced on Monday into a humiliating U-turn, reversing plans to cut the highest rate of income tax that helped to spark a rebellion in her party and turmoil in financial markets.
Truss, and her finance minister Kwasi Kwarteng, announced a new "growth plan" on Sept. 23 that would cut taxes and regulation, funded by vast government borrowing to snap the economy out of years of stagnant growth.
But the plan triggered a crisis of confidence in the government, hammering the value of the pound and government bond prices and jolting global markets to such an extent that the Bank of England had to intervene with a 65 billion pound ($73 billion) programme to settle the gilt market.
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| 3 Oct 2022 |
06:35 |
GBPO/USD - 1.1204.. Reuters news, UK Finance Minister Kwarteng says :
- our growth plan is a strong package
- the 45p rate was drowning out a strong package of intervention
- along with PM, I decided best course was not to proceed with abolishing 45p rate |
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| 3 Oct 2022 |
06:30 |
GBP/USD- 1.1217.. Reuters the reported British finance minister Kwasi Kwarteng said on Monday the government was reversing its plan to scrap the highest rate of income tax.
"We are not proceeding with the abolition of the 45p tax rate. We get it, and we have listened," Kwarteng said in a statement on Twitter.
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| 3 Oct 2022 |
06:28 |
GBP/USD- 1.1241.. Reuters news, UK Finance Minister Kwasi Kwarteng says :
- will not go ahead with plan to scrap 45p rate of income tax
- It has become clear the abolition of the 45p rate is a distraction from our mission to tackle the challenges facing the country
- we get it, we listened
- this will allow us to focus on delivering the major parts of our growth package
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| 3 Oct 2022 |
05:57 |
GBP/USD - 1.1260.. Reuters then reported the British government is expected to reverse the proposed scrapping of the highest rate of income tax that has sparked a backlash in the governing Conservative Party, the BBC reported on Monday.
Finance minister Kwasi Kwarteng sent shockwaves through financial markets when he published a mini-budget on Sept. 23, cutting taxes including the 45p highest rate of income tax, in a plan to be funded by vast government borrowing.
The government had stuck to the policy ever since, even as the value of the pound and government bonds fell, but several senior lawmakers have stepped up their opposition to the policy at the party's annual conference which began on Sunday.
The BBC said the government was expected to make an announcement in the next hour. No one at the Treasury was immediately available to comment.
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