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The dollar reached a one-week low against major currencies amid a rebound in U.S. equities. Investors awaited Friday's inflation data for Federal Reserve policy insights. Earlier GDP data showed a 4.9% annualized rate last quarter, revised down from 5.2%, with consumer spending also lowered to 3.1%.
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Sterling struggles with losses, yen stabilizes in thin holiday trade ahead of Friday's crucial U.S. inflation data release, marking the last major data of the year.
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The yen was perched near seven-month highs as investors held their breath for a potential policy shift at the Bank of Japan (BOJ).
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The greenback has tumbled in recent weeks as inflation data and comments from Federal Reserve officials have suggested that the central bank can soon slow the pace of its punishing interest rate hikes.
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The greenback has tumbled in recent weeks as inflation data and comments from Federal Reserve officials have suggested that the central bank can soon slow the pace of its punishing interest rate hikes.
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The risk-sensitive Australian dollar and sterling both flipped from small early gains to similar-sized losses as leaders from the United States, Britain, Germany, Japan and other countries met on the sidelines of the Group of 20 meeting in Bali.
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A survey showed on Monday that investor morale in the euro zone improved in November, the first time it rose in three months, reflecting hopes that recent warmer temperatures and falling energy prices will prevent gas rationing on the continent this winter.
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Against the weakening dollar, the euro and sterling edged up to $0.9889 and $1.1494, respectively.
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The new premier’s economic policy is set to face scrutiny as the Bank of England delivers what could be its biggest interest-rate hike in more than 30 years, and the government looks to fill the multi-billion hole in the nation’s finances
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The ECB raised rates by 75 basis points, in line with expectations, and signaled it was keen to start shrinking its bloated balance sheet.
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Sunak said difficult decisions lay ahead as he looks to cut public spending. Hunt, who Truss appointed to calm markets roiled by her dash for growth, has been preparing a new budget alongside borrowing and growth forecasts due out on Monday, and repeated his warning on Tuesday that "it is going to be tough"
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Rishi Sunak became Britain's third prime minister in two months on Tuesday, tasked with tackling a mounting economic crisis and a warring political party.
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Sterling edged toward this month's highs, while the euro threatened to hit $0.99 for the first time since Oct. 6 ahead of Thursday's European Central Bank (ECB) policy meeting.
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The U.S. dollar held at a 32-year peak against the yen and rose from a two-week trough against a basket of major peers, underpinned by expectations of aggressive U.S. Federal Reserve interest rate hikes.
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The battered Japanese yen traded near a 32-year trough to the dollar at 149 yen, putting the major psychological barrier of 150 in focus.
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The Aussie dollar retreated from near the top end of its recent range against the greenback ahead of a central bank decision later in the day, with traders split on the odds of a quarter point or half point interest rate rise.
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The pound touched $1.128 after media reports of the u-turn, its highest level since Sept. 22, the day before British finance minister Kwasi Kwarteng sent markets tumbling with a new "growth plan" to cut taxes and regulation, funded by vast government borrowing.
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Asian stocks mostly fell in holiday-thinned trade although Japanese markets found support on strong energy and semiconductor shares.
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The euro also jumped to a one-week peak after a heated German inflation reading reinforced expectations for more aggressive policy action from the European Central Bank (ECB).
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The BOE said it would buy as many long-dated government bonds as needed between now and Oct. 14 to stabilise financial markets, and added that it would postpone next week's start of its gilt sale programme.
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Sterling fell 0.4% to $1.0693 in early Asia, following a slight 0.4% gain in the previous session, still nursing deep losses after its slide to an all-time low of $1.0327 at the start of the week.
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After the pound tumbled as low as $1.0350 Monday, the weakest on record, options markets show traders expect it to keep falling.
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In a tumultuous day, sterling dived to a record low in Asian trade, then recovered some ground on expectations the BoE would step in to calm a market on edge since the government announced its fiscal plans on Friday.
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On Friday and again on Monday the pound plunged, finding a record low of $1.0327 as investors question Britain's economic gambit of unfunded tax cuts to spur growth.
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The UK’s plan to ignite growth with tax cuts and borrowings has knocked down the pound and sparked fears of capital flight.
