{"id":71388,"date":"2022-11-23T19:12:03","date_gmt":"2022-11-23T19:12:03","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/11\/23\/pound-hits-post-truss-high-as-dollar-weakens\/"},"modified":"2022-11-23T19:12:03","modified_gmt":"2022-11-23T19:12:03","slug":"pound-hits-post-truss-high-as-dollar-weakens","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/11\/23\/pound-hits-post-truss-high-as-dollar-weakens\/","title":{"rendered":"Pound hits post-Truss high as dollar weakens"},"content":{"rendered":"
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Against the US dollar, the pound has hit its highest level since former Prime Minister Liz Truss took office at the end of August.<\/b><\/p>\n<\/div>\n

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The move stemmed in part from fears for the US economy, which caused the dollar to fall against most major currencies.<\/p>\n<\/div>\n

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But on Wednesday, the pound was also higher against the euro, hitting \u20ac1.1616 and $1.2081.<\/p>\n<\/div>\n

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This was followed by the publication of new economic data, which turned out to be somewhat stronger than expected.<\/p>\n<\/div>\n

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The Purchasing Managers’ Index, which measures the level of economic activity, fell in November at almost its fastest rate in almost two years. But the index was not as weak as economists had predicted, which helped reassure investors. <\/p>\n<\/div>\n

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UK shares rose another 12 points to close at 7,465 after hitting a two-month high on Tuesday.<\/p>\n<\/div>\n

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The pound was last above $1.20 in mid-August before Mrs Truss became Prime Minister.<\/p>\n<\/div>\n

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She resigned just seven weeks after a mini-budget scared investors and pushed up borrowing costs.<\/p>\n<\/div>\n

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The pound subsequently hit a low of $1.035, although its value had fallen ahead of the economy statement in Parliament – and started to recover shortly thereafter.<\/p>\n<\/div>\n

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However, against the dollar it is still 12% lower than at the start of 2022. <\/p>\n<\/div>\n

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    \n
  • The UK is facing the worst downturn of any developed country<\/li>\n
  • PM rules out Brexit deal where UK follows EU law<\/li>\n
  • Solving labor shortages through immigration – CBI chief<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
    \n

    Markets are awaiting the next rate hike from central banks – bigger moves may dampen economic activity as borrowing costs rise and consumers are cutting spending and strengthening the currency.<\/p>\n<\/div>\n

    \n

    “We feel like pausing to see what’s going to happen next…in terms of central banks,” said Daniela Hathorn, senior market analyst at Capital.com.<\/p>\n<\/div>\n

    \n

    The dollar’s strength earlier this year reflected a more positive outlook for the US economy and higher US interest rates.<\/p>\n<\/div>\n

    \n

    However, Wednesday’s US data showed a fifth straight month of weaker business activity in November, taking the wind out of the dollar’s sails against a number of currencies.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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