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Pound Recovers Slightly Vs Euro, US Dollar As Hunt Appointed Chancellor
Prime Minister Truss has sacked Chancellor Kwarteng in an attempt to reinforce her position and there will be a further U-turn on fiscal policy with strong expectations that the corporate tax increases will now go ahead rather than being scrapped. There will be intense political debate during the weekend with Truss seen as extremely vulnerable. The Pound to Dollar (GBP/USD) exchange rate dipped to lows around 1.1170 after Kwarteng’s dismissal before a rebound to 1.1280 as the dollar retreated sharply from earlier highs. The Pound to Euro (GBP/EUR) exchange rate dipped to 1.1500 before a recovery to 1.1530. Susannah ... (full story)