Forexlive European FX news wrap 27 Aug – UK’s Starmer warns of „painful“ budget

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Markets:

  • GBP leads, USD lags on the day
  • European equities flat; S&P 500 futures down 0.05%
  • US 10-year yields up 3 bps to
    3.848%
  • Gold
    down 0.30% to $2,510
  • WTI
    crude down 0.57% to $76.98
  • Bitcoin
    down 0.61% to $62,438

It was another
quiet session with no market moving data releases. The only notable news was
UK’s PM Starmer warning of “painful” budget in October which hints to tax
rises, although he promised not to raise them for working people.

In the
markets, there’s been very little movement. The most notable moves have been in
the bond market where long-term Treasury yields have been rising faster than
short-term ones. Although that could be just daily noise, it’s something to
keep an eye on as the Fed cuts into a resilient economy (at least for now).

The focus
will now switch to the American session where the labour market data in the US
Consumer Confidence report will take the centre stage.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

Go to Forexlive

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