The pound gave up much of its early gains on Tuesday but remained narrowly in the green after finance minister Kwasi Kwarteng's dramatic U-turn on some tax cuts. Sterling was last up 0.1% to $1.1331, down from a session high of $1.1428. The euro was up 0.54% against the pound at 87.25 pence.
* Britain scraps part of tax plan; markets relieved. * Investors start to mull central bank "pivot" on rates. * Dollar falls for fifth day. By Amanda Cooper.
The dollar slid on Tuesday, as U.S. Treasury yields paused in a relentless climb higher, providing brief relief to share markets and helping the euro in particular move further off multi-year lows. The Australian dollar was also in focus, sinking after the nation's central bank surprised markets with a smaller-than-expected interest rate hike.
* This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine. The rouble hovered near 59 against the dollar on Tuesday and slumped against the euro, giving up most of the previous session's gains, as concerns over possible new sanctions against Moscow continued to buffet the Russian currency.
* Britain scraps part of tax plan; markets relieved. * Reserve Bank of Australia surprises with a small hike. * Lower Treasury yields weigh on dollar. By Amanda Cooper. Global stocks rallied for a second day on Tuesday, after Britain's decision to ditch part of a controversial tax-cut plan and slightly paler expectations for aggressive central bank action returned some confidence to investors.
The pound rose for the sixth consecutive session on Tuesday as investors welcomed the British government's U-turn on some tax cuts and the U.S. dollar slipped. Sterling was last up 0.1% to $1.1331, after touching a session high of $1.1428. The euro was up 0.28% against the pound at 87.03 pence.
* Silver hits a peak since June 29. * U.S. 10-year bond yields slip to near 2-week low. * Dollar down 0.3% against rivals. By Brijesh Patel. Gold extended gains on Tuesday to firm above the key $1,700 per ounce level on a retreat in the dollar and U.S. Treasury yields as investors expected the Federal Reserve to tone down its pace of monetary tightening.
* Britain scraps small part of tax plan; markets relieved. * Reserve Bank of Australia surprises with a small hike. * High VIX points to more volatility. By Tom Westbrook and Amanda Cooper.
The dollar slid on Tuesday as U.S. treasury yields paused in a relentless climb higher, providing brief relief to share markets and helping the euro and sterling move further off multi-year lows.
* This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine. The rouble firmed against the dollar on Tuesday and fell back sharply against the euro, giving up most of the previous session's gains, as concerns over possible new sanctions against Moscow continued to buffet the Russian currency.
News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.
PDF’s require Adobe® Reader® and will open in a new window.
Log In Required
Line of Credit Log In Required