{"id":495359,"date":"2022-09-23T14:38:00","date_gmt":"2022-09-23T11:38:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/pound-and-euro-slump-as-dollar-index-surges-to-highest-since-mid-2002\/"},"modified":"2022-09-23T14:38:00","modified_gmt":"2022-09-23T11:38:00","slug":"pound-and-euro-slump-as-dollar-index-surges-to-highest-since-mid-2002","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/pound-and-euro-slump-as-dollar-index-surges-to-highest-since-mid-2002\/","title":{"rendered":"#: Pound and euro slump as dollar index surges to highest since mid 2002"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a406fb609879\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a406fb609879\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/pound-and-euro-slump-as-dollar-index-surges-to-highest-since-mid-2002\/#%E2%80%9C_Pound_and_euro_slump_as_dollar_index_surges_to_highest_since_mid_2002%E2%80%9D\" >&#8220;: Pound and euro slump as dollar index surges to highest since mid 2002&#8221;<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/pound-and-euro-slump-as-dollar-index-surges-to-highest-since-mid-2002\/#Anviksha_Patel\" >Anviksha Patel<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9C_Pound_and_euro_slump_as_dollar_index_surges_to_highest_since_mid_2002%E2%80%9D\"><\/span>&#8220;: Pound and euro slump as dollar index surges to highest since mid 2002&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap crawler\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0001214220\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0001214220\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       The British pound and the euro fell sharply against the dollar on Friday, as jittery investors continued to flock to the perceived safety of the greenback amid expectations for higher U.S. interest rates.<\/p>\n<p> The British pound<br \/>\n        GBPUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210561263\/realtime\/sampled\" class=\"negative\">-1.92%<\/bg-quote><br \/>\n       slumped 1.86% to $1.1045 \u2014 a 37-year low \u2014 as the government announced plans to cut taxes and U.K. gilt yields<br \/>\n        TMBMKGB-10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.779%<\/bg-quote><br \/>\n       surged. The euro<br \/>\n        EURUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210561242\/realtime\/sampled\" class=\"negative\">-0.98%<\/bg-quote><br \/>\n       fell 0.8% to $0.9759, dropping below $0.98 for the first time.<\/p>\n<div class=\"paywall\">\n       Those currencies slumped as the U.S. Dollar Index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"positive\">+0.83%<\/bg-quote><br \/>\n       rose to its its highest since May 2002 at 112.04 as investors scrambled for safe havens, and the Federal Reserve\u2019s 75-basis point interest rate hike earlier this week and hints of more to come.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetDynamic\n            inline\n    scope-web|mobileapps\n  article__inset\n          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Friday saw the U.K. finance minister Kwasi Kwarteng unveil a mini-budget, with some analysts underwhelmed by what was revealed.<\/p>\n<p>Th<\/p>\n<p>George Saravelos, Deutsche Bank\u2019s global head of FX research worried that the pound\u2019s weakness would erode \u201cinvestor confidence in the UK\u2019s external sustainability.\u201d\u00a0<\/p>\n<p>\u201cAt this point we note that we view the program as inefficient and the U.K. Government\u2019s intentions tend to intensify our worries for the level of public debt which is already high,\u201d said Peter Iosif, analyst at Noteris Services and author of Iron FX Daily.<\/p>\n<p>The budget\u2019s impact on foreign exchange markets could be positive if there was confidence that a loose fiscal and tight monetary policy can be funded properly, ING analysts say.<\/p>\n<p>\u201cHere is the rub \u2013 investors have doubts about the UK\u2019s ability to fund this package, hence the gilt underperformance,\u201d says Chris Turner, ING analyst.<\/p>\n<p>Meanwhile, the euro was buckling from dollar strength and fears that the latest developments in Ukraine will worsen the energy crisis, after Russian President Vladimir Putin announced a partial mobilization of troops and threatened to defend its territories with nuclear weapons. <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>The release of Eurozone purchasing managers index (PMIs) on Friday also hasn\u2019t bolstered analysts\u2019 outlook.<\/p>\n<p>Conditions in the Eurozone worsened in September to a 20-month low. The September PMI reading fell to 48.2 from 48.9 in August, with readings below 50 indicating deteriorating conditions.<\/p>\n<p>\u201cA hawkish Fed has prepared markets for a prolonged hiking cycle while Europe\u2019s recessionary outlook due to ballooning energy prices should increasingly favor a lower EUR\/USD,\u201d say UBS Global Wealth Management head FX strategies Thomas Flury, and senior US economist Brian Rose.<\/p>\n<p>Plus after consumer confidence figures hit a record low and the Italian elections coming over the weekend, which could elect a far-right Eurosceptic political party, European sentiment is expected to stay pretty weak. \u00a0<\/p>\n<p>Losif adds: \u201cShould the result show political instability or a new government that is to be Eurosceptic and\/or populist we may see the common currency retreating on Monday morning.\u201d<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Anviksha Patel\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/topics\/journalists\/anviksha-patel\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/annieiseating\",\"text\":\"@annieiseating\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:anviksha.patel@marketwatch.com\",\"text\":\"anviksha.patel@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Anviksha_Patel\"><\/span>Anviksha Patel<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><ufc-follow-author-widget product=\"marketwatch\" author-id=\"276_MW\" author-name=\"Anviksha Patel\" signin-url=\"https:\/\/accounts.marketwatch.com\/login?target=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fpound-and-euro-slump-as-dollar-index-surges-to-highest-since-mid-2002-11663931131%3Frss%3D1%26siteid%3Drss\" panda-api=\"https:\/\/follow-api.marketwatch.com\"><\/ufc-follow-author-widget><\/p><\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C06575-04D4-B545-7128-70CA9C270E2D%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;: Pound and euro slump as dollar index surges to highest since mid 2002&#8221; The British pound and the euro fell sharply against the dollar on Friday, as jittery investors continued to flock to the perceived safety of the greenback amid expectations for higher U.S. interest rates. The British pound GBPUSD, -1.92% slumped 1.86% to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":495360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-622652\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-495359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/495359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=495359"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/495359\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/495360"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=495359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=495359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=495359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}