The pound rose on Monday after Britain announced a plan to scrap the country’s highest income tax rate, while the yen slipped from the 145 level against the dollar.<\/p>\n\n\n\n
And sterling touched $ 1,128, after media reports that the plan was reversed, the highest rate of the currency since September 22, the day before British Finance Minister Kwasi Quarting announced a new “growth plan” that cut taxes and restrictions funded by extensive government borrowing, which sowed turmoil in markets.<\/p>\n\n\n\n
And sterling in the latest trading rose 0.2 percent to 1.1188 dollars.<\/p>\n\n\n\n
In Asia, the Japanese yen fell to 145.40 against the dollar, exceeding 145 yen to the dollar for the first time since September 22, after the government intervened to support the currency.<\/p>\n\n\n\n
The yen was last down 0.24 percent to 145.10.<\/p>\n\n\n\n
Monday’s decline came after Japanese Finance Minister Shunichi Suzuki said Tokyo is ready to take “decisive” steps in the foreign exchange market if the yen’s excessive moves continue.<\/p>\n\n\n\n
The Japanese currency fell after the Bank of Japan stuck to very low interest rates as interest rates rose around the world. After much speculation, the authorities stepped in with a record 2.8 trillion yen ($19.7 billion) spending to prop up the yen.<\/p>\n\n\n\n
The euro fell 0.2 percent to $0.97785, amid data that showed a further decline in manufacturing activities across the eurozone last month.<\/p>\n\n\n\n
Reuters and other media reports that the OPEC + group is discussing possible oil production cuts of more than one million barrels per day also affected the currency, given the precarious energy situation in Europe.<\/p>\n\n\n\n
However, this news gave a small boost to the Norwegian krone and the Canadian dollar, with the US dollar down nearly 0.5% against both currencies.<\/p>\n\n\n\n
Meanwhile, the Australian and New Zealand dollars gained ahead of the expected rate hikes by the two central banks during the week.<\/p>\n\n\n\n
The Australian rose 0.6 percent to $0.645, while the New Zealander rose one percent to $0.5655.<\/p>\n","protected":false},"excerpt":{"rendered":"
The pound rose on Monday after Britain announced a plan to scrap the country’s highest income tax rate, while the yen slipped from the 145 level against the dollar. And sterling touched $ 1,128, after media reports that the plan was reversed, the highest rate of the currency since September 22, the day before British …<\/p>\n","protected":false},"author":9,"featured_media":73332,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6827,49,36],"tags":[7211,6877,6928,6882],"class_list":["post-73331","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-daily-economic-reports","category-economic-reports","category-market-updates","tag-currencies","tag-dollar","tag-euro","tag-forex"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=73331"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73331\/revisions"}],"predecessor-version":[{"id":73333,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73331\/revisions\/73333"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/73332"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=73331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=73331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=73331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}