The U.S. dollar drifted lower on Monday as the Sterling gained in strength against other major currencies after the new British Finance Minister Jeremy Hunt announced that the government would withdraw almost all tax measures of economic plan to support fiscal sustainability.
The Chancellor announced that the basic rate of income tax would remain at 20% for the time being.
The plan to cut dividend tax by 1.25 percentage points from April 2023 has been scrapped.
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Forex News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.