Dollar Steady Ahead of Fed Decision; Focus on UK Budget
The dollar index hit a two-week high as traders awaited the Federal Reserve decision, with markets pricing in a hold and watching for December hike signals.
- On Wednesday, October 28, 2026, the FTSE 100 index declined 0.8% as investors awaited Prime Minister Andy Burnham's government's first budget announcement, closing at 10,686.54.
- Finance Minister John Healey faces pressure to avoid heavy borrowing, mindful of the 2022 'mini-budget' market rout that eroded confidence in UK fiscal discipline. The government's fiscal buffer has shrunk from $32 billion in March.
- Reckitt Benckiser shares fell 4.9% after lowering full-year guidance, while HSBC ended down 5.4% as third-quarter net interest income missed consensus expectations. Both stocks weighed heavily on the index.
- Sterling slipped 0.2% to $1.328 on Wednesday as currency analysts at BofA turned more cautious, pointing to "some risks of complacency" despite the pound remaining near a 17-month peak against the euro.
- Finance Minister Healey is expected to detail fiscal spending for the coming 12 months, with analysts suggesting the government may increase the 3% surcharge on bank profits to raise revenue without broad tax rises.
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PressNewsAgencyDollar steady ahead of Fed decision; focus on UK budget
Oct 28 : The US dollar held onto gains on Wednesday after reaching a two-week high ahead of the Federal Reserve's interest rate decision, while sterling was in focus as investors awaited the Andy Burnham government's first budget, hoping it would avoid a heavy reliance on borrowing.The week is packed with mon
FTSE 100 Live: Stocks to slip ahead of Budget
Welcome back to City AM‘s FTSE 100 liveblog. It’s Wednesday morning and all eyes are on John Healey, who will deliver his first Budget later today. The markets are set to open into the red as investors hold their breath for the Chancellor’s speech. Rising oil prices will also pose a challenge to the FTSE [...]
Evening Standard
Poor trading day for FTSE as markets await Wednesday’s Budget
The Chancellor’s statement and US and Canadian rates decisions were weighing on investors.
UK budget: Markets on watch for new finance minister's plans
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