Pound is craving for growth. Overview for 26.10.2022

The British pound grew quite a deal against the USD. The current quote is 1.1570.

Firstly, GBP fans made good use of the decline of the US dollar and played back a part of previous losses.

Secondly, political ambiguity ended by the appointment of Rishi Sunak the Prime Minister, which is again good for the pound.

At the same time, it should be kept in mind that fundamentally the British economic situation is far from stable or healthy. This will hinder further growth for the pound.

The British Ministry of Treasure and the Head of the Bank of England today discussed the current situation in the economy and agreed on keeping the goal of controlling inflation.

However, these are just words. The Bank of England must act more decisively, but this is hard to expect: it seems to have acknowledged defeat with the CPI.