The fallout from The UK budget earlier this week has seen Pound Sterling drop by roughly 1% against both The Euro and US Dollar as the biggest tax rises in a generation were announced. A big driver for the downward movement in Sterling was also due to a massive sell-off of GBP assets as well as Government Bonds rising to 4.5% for the first time in a year.

Rachel Reeves has now released her first budget as The Chancellor and there will be relief that she has avoided the disaster-class that Liz Truss served up just two years prior. It was mentioned that the budget deficit would fall sharply throughout 2026/27, before creeping higher again shortly after.

All eyes are on the budget, and we've seen Pound Sterling remain elevated against its major currency peers as the markets are choosing to focus on potential positives to be released later today. Although its been made clear there will be several tax rises across the board, in the form of Inheritance Tax, Stamp Duty, Capital Gains Tax, Fuel Duty and much more, Rachel Reeves has also pledged to invest more in the economy which will allow people to have more pounds in their pockets' and a greater National Health Service.

Walking into the Tuesday session, we start off with UK mortgage data in the morning. Expectations looks like mortgage approvals are on a slight down trend in October if we compare to its previous figures of September.

Sterling has managed to keep above 1.20 against the Euro but unfortunately slipped below the 1.30 handle against the Dollar. Following a relatively quiet week we saw pretty sideways price action now leading into a pretty busy week going into November- which is expected to be a volatile month.

Consumer confidence has taken a hit this month, falling one point lower to -21 as The UK's budget looms ever nearer. This was mainly due to consumers predictions for the economic performance deteriorating over the next 12 months, despite what seems to suggest a slight improvement in personal finances.

The Bank of Canada cut their Interest Rates as expected by 50-basis points to bring the bank rate below 4% in what their fourth consecutive cut as the central bank continues the battle to keep inflation closer to their target. 

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