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Credibility renewal

Today's news headlines:

'Jeremy Hunt to bring forward tax measures in bid to calm markets'. The new UK Chancellor, Jeremy Hunt, is expected to reverse a large proportion of the tax measures introduced in his predecessor Kwasi Kwarteng's heavily scrutinised mini-Budget last month. Hunt will this morning announce plans to tackle the government deficit before meeting with Ministers later to discuss new spending curbs and making a House of Commons statement this afternoon. £20 billion of the tax cuts have already been reversed, with many more expected to be announced today. The £13 billion cut to national insurance tax and the £1.5 billion in stamp duty charges are anticipated to remain. (Financial Times)

'Xi Jinping warns off US as he piles political and military pressure on Taiwan'. As he prepares for his third term in power, China's leader Xi Jinping has suggested that if tensions rose further between Beijing and Taiwan, the US would be to blame if China attacked the country. As the Congress prepares to make Xi the first party leader to stay in power for more than two terms since Chairman Mao, the Chinese leader reflected a growing sense of urgency over what, in his opinion, is the US attempting to alter the status quo in the Taiwan Strait with visits by American politicians and arms sales. (Financial Times)


After a change of Chancellor and heavy rumours of tax cut reversals, UK sentiment has been boosted as the Treasury aims to renew confidence in its fiscal policies after weeks of turbulence. The Empire State Manufacturing Index will be closely watched this afternoon as the economic health indicator reveals the relative level of business conditions of manufacturers in New York state.  


UK Rightmove HPI m/m (October): 0.9% vs 0.7% previously
Deutsche Bank Monthly Report: 11:00AM
Empire State Manufacturing Index: 1:30PM
Bank of Canada Business Outlook Survey: 3:30PM
New Zealand CPI q/q: 10:45PM

Interbank rates*:

GBP/USD: 1.1270         
GBP/EUR: 1.1570
EUR/USD: 0.9740
USD/CAD: 1.3830


Please contact your Dealer about any upcoming FX requirements you may have, or call +44 (0)20 3465 8200. 

*Indicative interbank rates taken on the day of writing. Please speak to your Dealer to find out the current rates available for you.