EUR/USD
1.15532
-0.144%
Gold
4105.69
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Oil
57.659
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USD/JPY
152.066
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GBP/USD
1.32552
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GBP/JPY
201.572
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Real-time News
The annual rate of commercial retail sales in the U.S. Red Book for the week ending October 10 was 5.9%, compared with 5.8% in the previous week.Bank of England member Taylor: We must face the fact that tariffs have become the "new normal".Bank of England member Taylor: Trade may play a role in curbing inflation in the next few years.On October 14th, Bank of England Monetary Policy Committee member Stephen Taylor said on Tuesday that the likelihood of a UK recession, though small, is increasing, partly due to high borrowing costs. Taylor noted that the Bank of Englands reluctance to cut interest rates quickly means a "soft landing" for the UK economy is now unlikely. Instead, a "bumpy landing" is more likely: inflation will fall below 2% by the end of 2026, and the economy will remain "weak" for an extended period. However, Taylor warned that the risk of a "hard landing" is increasing. "The UK economy is already hovering around zero growth, and if the data turns negative, the future trend could deteriorate rapidly. The probability of such an outcome is now non-negligible." In recent months, Taylor has repeatedly voted for faster rate cuts than the majority of the Monetary Policy Committee. His latest comments suggest he may vote for a rate cut again at the November meeting.On October 14th, British Chancellor of the Exchequer Reeves set the tone for next months difficult budget, stating at a cabinet meeting that high borrowing costs and debt levels mean less money will be available for public services. A government spokesperson said on Tuesday that Reeves attributed the current challenges to "growth and productivity data consistently falling short of official forecasts over the past 15 years." In last years budget, the UK government raised taxes, primarily on businesses, totaling approximately £40 billion. Although Reeves promised at the time that no further tax increases would be introduced in the short term, economists expect her to seek another tax increase in her new budget on November 26th. People familiar with the matter said Reeves plans to include a larger fiscal buffer in next months budget than last years £9.9 billion to reduce borrowing costs and strengthen the resilience of public finances to market volatility.
