Forex Today: Risk Off, Dollar Up, Stocks and Commodities Dow

The US Federal Reserve’s Kashkari has added to risk-off sentiment by commenting that there is “a lot of tightening in the pipeline”.

The Pound’s very strong fall has been mostly triggered by the UK government’s announcement of plan to cut taxes by a historic amount, financed by massive borrowing. Markets do not like the plan, which has just been strongly criticised by the International Monetary Fund. UK yields have risen dramatically, and it is likely that the UK’s credit rating will be impacted.

Hurrican Ian has reached Cuba, and its powerful winds have taken the entire Cuban electricity grid offline. Hurricane Ian is expected to make US landfall tomorrow at Tampa, Florida. Daily new coronavirus cases globally dropped last week for the tenth consecutive week, giving rise to the hope that the pandemic is finally over in any meaningful sense. Last week, President Biden declared the pandemic “over”.

The mighty dollar! The dollar's muscle is growing Its rise shows no sign of slowing Sterling is frail The euro is pale Everywhere, weakness is showing.

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