Sterling fell to its corresponding G10 pairs after Rachel Reeves held an unscheduled announcement confirming that she will raise income taxes, this was one of the main manifesto pledges that the labour government said they would not do if being elected last year.
Reeves stated that the new world challenges in the last year has forced the government to change their stance and that its vital for the UK economy moving forward. GBP/EUR has fallen this morning to its lowest levels since back in May 2023, so far almost down 0.5%.
GBP/USD has fallen slightly more than 0.5% in today’s session and this afternoon US will release JOLTs job openings.
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