By Gertrude Chavez-Dreyfus
the newYorkOctober 14 – Sterling fell sharply against the dollar on Friday, after British Prime Minister Liz Truss fired his chancellor and canceled parts of an economic package that wreaked havoc on Britain’s financial markets.
* On the other hand, the dollar continued to rise against the yen, hitting a 32-year high at 148.86. In the afternoon, the dollar was up 1.05% to 148.74 yen.
* The dollar recorded its best weekly performance since around mid-August.
* Traders are once again watching for any possible action by the Japanese financial authorities to stem the currency’s decline. Japanese Finance Minister Shunichi Suzuki on Thursday reiterated the government’s readiness to take measures against excessive volatility in the currency.
* Japan intervened last month to buy the yen for the first time since 1998.
“Our view is that the Japanese authorities’ intervention to support the yen will stem the (downward) tide, and they may try soon,” said Jonathan Petersen, chief markets economist at Capital Economics.
– The pound fell for the second day in a row against the dollar, to trade at $1.1167 in the afternoon, down 1.4%.
* Kwasi Quarting said he resigned at Truss’ request after being forced to return to London during the night of the House of Representatives meetings. International Monetary Fund in Washington. He was succeeded by former Secretary of State Jeremy Hunt.
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