Larry Summers Cameron Costa | CNBC LONDON — Former U.S. Treasury Secretary Larry Summers on Tuesday warned that the U.K. has lost sovereign credibility after the new government’s fiscal policy sent markets into a tailspin. The British pound hit an all-time low against the dollar in the early hours of Monday morning, before recovering slightly on Tuesday, while the U.K.
The reasons for the recent pound’s sell-off are still on the table, so the currency remains extremely vulvnerable according to analysts at Rabobank. They point out the risk of GBP/USD hitting parity has firmed up.  Key Quotes:  “There has been a loose discussion in the market about the prospect of GBP/USD hitting parity for some
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The electricity mix of Bitcoin (BTC) has drastically changed over the past few years, with nuclear energy and natural gas becoming the fastest growing energy sources powering Bitcoin mining, according to new data. The Cambridge Centre for Alternative Finance (CCAF) on Tuesday released a major update to its Bitcoin mining-dedicated data source, the Cambridge Bitcoin
The dollar is keeping slightly softer on the day and that is providing some relief to broader market sentiment ahead of European morning trade. The pound remains a focus point after the BOE sort of underwhelmed with their special statement yesterday, ruling out an inter-meeting rate hike to try and calm markets. UK bonds imploded
The currency markets have turned into consolidation mode temporarily. Sterling further stabilized after BoE said in a statement that the assessment of the government’s growth plan will be done at next “scheduled” meeting, ruling out an emergency meeting. Dollar is also taking a breather even though 10-year yield rose to the highest level since 2010.
Gold prices in the national capital rose by Rs 138 to Rs 49,786 per 10 grams on Monday, according to Securities. In the previous trade, the precious metal had closed at Rs 49,648 per 10 grams. Silver also jumped by Rs 224 to Rs 56,514 per kilogram from Rs 56,290 per kg in the previous