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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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Bitcoin ETFs saw net outflows of $643 million on Friday, led by BlackRock at $233.7 million, followed by Fidelity at $201 million and Arc B at $129.5 million. The funds had also recorded net outflows in each of the four preceding sessions, and the week was still only down $202 million. The host notes that ETF flows tend to react to market moves because these funds don't trade 24/7 like Bitcoin, so the impact of after-hours events often shows up the next day. He contrasts this with the worst hack in history, worth $6 billion, and a sharp tech sell-off in which Intel fell 30% and Alphabet and Amazon were each down about 12% at one point overnight, while Bitcoin fell only 4–5% and gold also declined.
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AMD fell 3% to $489.03 ahead of its Q3 2026 results, scheduled for November 3 after the market closes, after an 11% drop on October 30 when Intel said its PC slowdown would last at least through the first half of 2027; Intel shares plunged 29% that session. Intel guided Q4 2026 revenue to $15–16 billion, below the roughly $17 billion consensus, but its Data Center and AI revenue still rose 78% to $7.32 billion. AMD's Client segment brought in $3.06 billion in Q2 2026, while Data Center rose 107% to $6.72 billion, making up 58% of sales. NVIDIA rose 1% to $206.76. AMD guided Q3 revenue to about $13 billion ±$300 million versus the $13.09 billion consensus, and bears point to a forward earnings multiple of 45x against a five-year average of 35x.
- AWS Growth Wins Amazon Stock a $330 Upgrade
Phillip Securities upgraded Amazon to Buy from Accumulate on Monday and raised its price target from $320 to $330, arguing that AWS demand justifies the company's heavier spending. Amazon shares were up 5.22% as of 10:30 a.m. ET. Analyst Helena Wang raised her fiscal 2027 revenue estimate by 2%, net income forecast by 3% and capex estimate by 3%, while acknowledging that aggressive spending pressures free cash flow. In the third quarter, net sales rose 12% to $201.9 billion and AWS sales grew 39.3% to $46.0 billion, its fastest pace in nearly five years. Net income fell to $20.7 billion, or $1.89 per diluted share, because the year-ago quarter included $9.5 billion in pre-tax gains from the Anthropic investment.
- The EPS 'Miss That Wasn't Gave You and Me an Opportunity to Scoop Up Alphabet Cheaply
Alphabet reported GAAP EPS of $2.12 against a consensus of $2.97, ending a 12-quarter streak of beats, and shares fell 12.64% on earnings day, from $324.89 to $283.82. The author attributes the miss to a one-time $8.70 billion loss on equity securities, which cut net income by $6.70 billion and diluted EPS by $0.55, and argues that this mark-to-market swing sits outside the ad and cloud businesses. The author points to revenue of $127.58 billion (up 24.6%), operating income up 29.93%, and Google Cloud revenue up 103% to $30.71 billion as evidence of strong core operations. The author also flags risks, including capex of $51.36 billion (up 114.4%), negative free cash flow of -$9.07 billion, and dilution from share sales under an at-the-market program. The stock stood at $279.84, down 18.67% over the past month.
- Meta and Alphabet Face Serious Market Pressure Over Capex in Q4
Meta and Alphabet both missed Q3 GAAP EPS estimates because of one-time charges, while their ad businesses kept growing and negative free cash flow from heavy capex drew investor focus. Meta's revenue rose 26.1% to $64.60 billion with average price per ad up 14%, and its EPS would have been $7.40 without a $9.89 billion legal charge. Google Cloud revenue jumped 103% and its operating income reached $11.12 billion, versus $3.59 billion a year earlier. Capex rose 114.4% at Alphabet and 85.4% at Meta, and both are raising outside funds through debt and share sales, which brings dilution and higher interest costs. Meta gave no 2027 figures and will wait until its Q4 call, while the author prefers Alphabet's setup but stays skeptical of both while free cash flow is negative.
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