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Related tickers and likely impact
GBP/USD
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/23/2026 | 1.33804 |
| Change that session | -0.15% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Plan to drag UK back into EU single market slammed as 'total betrayal'
Andy Burnham has said he wants an 'honest discussion' about rejoining the EU single market and restoring free movement, ahead of a UK-EU summit in Brussels on 20 November. He previously called Brexit a 'catastrophic mistake', although Labour's 2024 manifesto ruled out single market membership and free movement. Burnham argued migration patterns have changed since the Brexit referendum and said free movement brought benefits and access to security frameworks such as Eurodac, but that he is 'not proposing' an immediate return. He says a new public vote would be needed for full EU membership, is open to single market options and free movement, and has ruled out joining Schengen or adopting the euro. Reform UK leader Nigel Farage called the remarks a 'total betrayal', while shadow home secretary Chris Philp said a return to free movement would mean uncontrolled migration.
- Rayner : Nothing off table in Burnham talks with European Union
- Sterling today: Pound slips as AI fears ebb; UK budget, Fed in focus
Sterling fell 0.18% against the dollar to $1.3283 as of 06:17 ET, while the euro was little changed at $1.1125, near its lowest level of the year, as a firmer dollar and caution ahead of the Federal Reserve decision weighed on European currencies. Receding fears of an AI-driven equity sell-off, after strong third-quarter results from SK Hynix, let markets refocus on dollar-supportive factors, with the dollar index nearing its yearly highs around 102.35. ING's Chris Turner said the clearer risks are higher energy prices, higher inflation and the central bank response, and suspected Fed Chair Warsh would avoid citing tighter financial conditions. The UK budget is due the same day, but ING does not expect it to have much say on Bank of England tightening, though a 20 basis point risk premium in 10-year gilt yields could partly unwind. The euro was also pressured by an unresolved French budget crisis, while the ECB's lending survey showed tighter conditions and an unexpected fall in corporate loan demand.
- Interest rates unlikely to reach 4 . 75 % by next summer , say City economists
City economists argue financial markets are wrong to price in a rise of a full percentage point or more in Bank of England rates by next summer. Market-implied expectations point to the bank rate rising from 3.75% today to 4.75% by the end of July, possibly reaching 5% by December 2027. James Smith of ING and Sanjay Raja of Deutsche Bank both see that path as unlikely, with Raja estimating that only about 50bps of hikes is priced in once risk premia are removed. Deutsche Bank expects the rate at 4.25% by next February, while Oxford Economics forecasts 25bps rises in November and February. The BoE is widely expected to lift rates to 4% on 5 November, after UK inflation rose to 3.5% in September.
- Dollar Sinks to One-Month Low as Oil Slump Eases Haven Demand
The dollar fell to a one-month low against a basket of currencies as oil prices dropped sharply. The headline indicates that this move came alongside easing demand for the dollar as a haven.
- Sterling today: Pound gains as dollar slips on Iran diplomacy bets
Sterling rose 0.39% against the dollar to $1.3440 and the euro gained 0.65% to $1.1233 on Monday, as the dollar eased after oil prices fell 2-3% on reports that U.S. President Donald Trump wants diplomacy with Iran to run its course. ING's Chris Turner expects DXY to trade around 102.00 and sees no strong case for a lower correction, while describing the Fed outlook as hawkish. A 25 basis point Bank of England hike to 4% on Thursday is fully priced, with ING expecting a 7-2 vote, while the euro faces added pressure after Fitch cut its outlook on France to negative. HSBC puts EUR/USD support at 1.1084 and resistance at 1.1250.
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AMD will report third-quarter results after the bell on Tuesday, as Wall Street looks for signs of AI chip demand after a sharp AI-trade sell-off and a disappointing Q4 outlook from Intel (INTC) last week. Intel guided Q4 revenue to $15 billion to $16 billion, well below the $17 billion analysts expected, sending its stock down nearly 29%; the company blamed a steeper-than-expected decline in the PC market. Analysts expect AMD to earn $1.97 per share on $13 billion in revenue, versus $1.20 and $9.2 billion a year earlier. Data Center sales are forecast at $8.19 billion, up 88% from $4.34 billion, while the gaming business could fall 49% to $655 million as higher memory and storage prices weigh on demand. Client revenue, which includes PC sales, is projected at more than $3.06 billion, up 11% year over year but flat sequentially.
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- Why Lumentum Stock Fell 14.9% Today
Lumentum shares fell 14.9% intraday despite a strong first-quarter report, with revenue more than doubling 136.5% to $1.26 billion and adjusted EPS of $4.57. The company agreed to be acquired by Marvell Technology in an all-stock deal of 4.5 Marvell shares for each Lumentum share, with closing expected in the first half of calendar 2028. The deal was valued at $115 billion, or about $1,132 per Lumentum share, based on October 28 prices; at Monday's midday prices the offer was worth about $800 per share after Marvell fell 9.5%. Lumentum traded 10.6% below that implied value, and the two stocks together erased nearly $28 billion in market value on Monday. The companies expect more than $1 billion in annual cost savings.
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