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Pound steadies near 1.3550 on UK fiscal discipline pledges

GBP/USD rose to around 1.3545 after the UK chancellor outlined plans including a 25% cut in regulatory costs by 2029.

Reported · Written up by our desk · Major Pairs

The British pound edged higher against the US dollar in Asian trading, with GBP/USD moving up to near 1.3545.

FXStreet said the move followed UK Chancellor John Healey’s measures aimed at encouraging growth and attracting private investment, including plans to cut regulatory barriers, expand testing freedoms for emerging technologies, and give city regions greater powers to pull in investment.

Healey also tied the agenda to fiscal discipline, including a commitment to reduce regulatory costs by 25% by the next election in 2029, supporting the pound ahead of the upcoming October budget, the outlet added.

At the same time, FXStreet noted that a stronger-than-expected US August jobs report has pushed Federal Reserve rate-hike expectations to above 60%, with focus shifting later this week to US Producer Price Index and Consumer Price Index inflation readings.

Latest closeGBP/USD 1.348 ▼0.2%

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