After crashing to an all-time low against the US dollar following the ill-fated UK mini-budget, the pound has rallied a little, though one economist warns: 'I think sterling is likely to remain very volatile this week.'
After crashing to an all-time low against the US dollar following the ill-fated UK mini-budget, the pound has rallied a little, though one economist warns:"I think sterling is likely to remain very volatile this week."The pound has edged a little higher against the dollar in early Asia trading, following PM Liz Truss's partial reversal of her initial economic plan.
It had fallen to a record low against the dollar at the end of September, after the short-lived then chancellor Kwasi KwartengMr Kwarteng's downfall, after just 38 days in the job, not only pushed the pound to almost parity with the dollar, but sent the cost of government borrowing and mortgage rates up and led to annext year instead of keeping it at 19% as part of the initial mini-budget, sterling gained 0.6% to $1.1245 on Monday in trade in Asia.
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