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Sunak

GBPCHF;PM SUNAK TO ATTEND SUMMITThe British-Irish Council summit will be attended for the first time in 15 years by UK Prime Minister Sunak. On Thursday, the Tory leader will also meet with his counterparts from Scotland and Wales to repair relations. According to Bloomberg, the UK government is also in favor of reducing the surcharge on bank profits to 3% in order to maintain the sector's competitiveness. A survey released on Thursday, British home prices dropped in October for the first time in 28 months, and the rising cost of mortgages threatened to further stress the real estate market. The October reading was the first negative reading after 28 positive monthly readings, showing that national house price growth was "grinding to a halt," according to RICS. While economists anticipate that the recent calm in the financial markets may offer some relief, it may be premature to predict that lending rates will decline.
Long
by TradeyMarkets
GBP/USD jumps as Sunak takes the reinsThe pound has posted sharp gains today. In the European session, GBP/USD is trading at 1.1353, up 0.66%. Rashi Sunak is the new Prime Minister of the UK, the latest move in what has been a dizzying pace of political developments in the UK. Lizz Truss managed to stick around 10 Downing Street for a mere 44 days, after a mini-budget with unfunded tax cuts was a disaster and forced her to pack her bags. Sunak, a former finance minister, should fare better, but all agree that he faces an uphill battle in righting the leaky economy. Given all that has transpired over the past few weeks, if Sunak can re-establish a feeling of normalcy in the government, that will be a modest achievement. The challenge for Sunak will be immense. Inflation is running at 10% and the weak UK economy may already be in recession. The most recent data shows consumer spending, manufacturing and business activity on the decline. The cost-of-living crisis is getting worse and real earnings are falling, which could lead to worker unrest. Sunak has shown he is a capable politician but will need to keep the Conservative party united behind him if he is to succeed, with the opposition hoping they can capitalize on the political havoc and force a general election. The markets have reacted favorably to Sunak taking over as Prime Minister, as the British pound and UK gilts are higher today. Next week will be anything but dull, as the government is scheduled to deliver a budget on October 31st and the Bank of England holds its policy meeting on November 3rd. With inflation showing no signs of peaking, the BoE is widely expected to deliver an oversize interest rate in order to curb inflation.  A 0.75% hike is most likely, although there is an outside chance of a supersize full-point increase. GBP/USD tested resistance at 1.1373 earlier in the day. The next resistance line is 1.1471 There is support at 1.1266 and 1.1093
by OANDA
ridethepig | Fading The Highs In GBP!With Javid out Johnson had the perfect cherry pick with Rishi Sunak and now the fiscal taps can be turned on full. This medium-term swing is starting to look very interesting which is unlocking a leg towards 1.20xx and 1.15xx below: Rishi is a typical yes man, he will do whatever Johnson wants. Those behind the curtain know it was another flawless beheading from Cummings, meanwhile a ruthless Downing Street only waiting for Carney exit on 16th March to have full control with Bailey too. Eyes on NY selling the open, we could get a very fast swing down is USD catches a strong bid via coronavirus risk. US inflation overshooting will be enough to carry this lower. Thanks guys for keeping the likes and comments coming, jump into the discussion with your charts below!
Short
by ridethepig
13
Heads Up...Tax Cuts Coming In UK !!!Important updates on the UK side for those in UK related assets. A game changer cabinet reshuffle to put a 🍒 picked “Yes man” in the Treasury. Downing Street making renovations and now in full control of not only No.10 but also No.11 (and scarily soon to be the BOE next month). Sunak will turn the fiscal taps on full blast, the fuel behind fiscal stimulus will come from fresh tax cuts in the UK ...Clean and simple legs available in the 2s10s, as markets begin to expect a looser fiscal policy a test of the Nov highs are in play. We will need to update the GBP macro charts over the coming sessions once we have confirmation in the headlines. Remember inversions in the US 2s5s setting the stage for recession... We traded the inversion here live in the UK: In any case, plenty of opportunities to discuss and in single stocks too. Smelling a major hammer to the UK economy coming at the end of 2020. As usual thanks for keeping the support coming with likes, comment and etc!
TVC:GB10YLong
by ridethepig