Sterling rises for sixth straight session after Kwarteng’s tax U-turn

LONDON, Oct 4 — The pound rose for the sixth consecutive session today as investors welcomed the British government’s U-turn on some tax cuts and the US dollar slipped.

But markets’ dire reaction and a likely revolt by his own lawmakers forced Kwarteng into a U-turn on Monday. He dropped plans to get rid of the 45 per cent top rate of income tax, one day into the ruling Conservative Party’s annual conference. “The pullback for US yields and US dollar appears to reflect in part that market participants have become more comfortable that the Fed is moving closer to the end of their rate-hike cycle,” MUFG currency analyst Lee Hardman said in a note.“We anticipate sterling to remain highly responsive to the notion of any further changes in government policy,” he said. “There is no realistic scenario whereby sterling enjoys a straightforward recovery.

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