GBP/USD recovery was hastened on news of the Prime Minister and chancellor’s meeting with the UK fiscal watchdog.
Liz Truss and Kwasi Kwarteng are scheduled to meet with the UK fiscal watchdog, the Office for Budget Responsibility, following the market dysfunction seen in UK assets over the last week.
The Treasury Select Committee, constituting MPs from all parties, asked that chancellor Kwarteng provide a full economic forecast from the OBR by the end of October.
GBP also took a downward turn last week because an independent OBR forecast did not accompany Kwarteng’s mini-budget despite the availability of a draft from the OBR on the chancellor’s first day of office.
The GBP has found support in oversight measures and a pullback in the dollar. The scheduled meeting is also another support source for the upward scaling of GBP. Sentiments are tending toward the recovery’s permanence.
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