| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 08:00 | Germany | IFO - Current Assessment | September | 97.5 | 96 | 94.5 |
| 08:00 | Germany | IFO - Expectations | September | 80.5 | 79 | 75.2 |
| 08:00 | Germany | IFO - Business Climate | September | 88.6 | 87 | 84.3 |
GBP dropped against other major currencies in the European session on Monday, extending its decline from last week, following an announcement of a “mini budget” in the UK.
The British finance minister Kwasi Kwarteng announced measures that will help to fund both planned tax cuts and caps on energy prices, including $80 billion in new borrowing.
In the overnight trading, the pound briefly dropped against the U.S. dollar to a historic low of 1.0386. Market participants are now discussing whether the Bank of England will intervene in the currency market or will announce an emergency rate hike to support the pound.