GBP\/USD<\/strong><\/a> touched a record low. Combination of the UK\u2019s mini budget and flight to the dollar weigh on sterling.<\/p>\nThe GBP was already facing heavy selling pressure on Friday when the UK\u2019s new chancellor unveiled his new mini budget. The plan has been perceived as a tax cut for the rich alongside higher levels of debt, with one former treasury minister calling budget a \u201chigh risk gamble. The week closed with GBP\/USD falling to just shy of its all time low set in 1985. And that level did not last very long.<\/p>\n
In today\u2019s session there is an aggressive selloff for the British pound, which has sent GBP.USD to a fresh record low. Currently down around -2.4%, its within its fifth consecutive down day, which includes a -3.6% decline on Friday. Such levels of volatility have not been seen since March 2020, and not restricted to GBP\/USD.<\/p>\n
It\u2019s currently the most volatile month for GBP\/JPY since November 2016 and the most bearish month since June 2016. EUR\/GBP has accelerated nearly 4% higher and sliced through 0.9000 like a hot knife through butter. And with higher levels of volatility come higher levels of implied volatility. Overnight IV for GBP\/USD has increased to an annualized rate of 34.45%, which is its highest level since December 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"
GBP down during Asian Trade The pound was aggressively lower during Asian trade. CME stopped trading of GBP futures. GBP\/USD touched a record low. Combination of the UK\u2019s mini budget and flight to the dollar weigh on sterling. The GBP was already facing heavy selling pressure on Friday when the UK\u2019s new chancellor unveiled his<\/p>\n... continue reading<\/a>.","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[94,265,187,19,24,320,162,201],"yoast_head":"\r\nGBP down during Asian Trade || Xtreamforex<\/title>\r\n<meta name=\"description\" content=\"The pound was aggressively lower during Asian trade. CME stopped trading of GBP futures. 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