Picture by Kirsty O'Connor / Treasury

An extraordinary day of pre-budget leaks and counter-leaks leaves pound sterling on edge.

The British pound was the underperformer into the weekend following a day of chaotic unofficial briefings from the UK Treasury, which is tasked with creating the budget due for release in less than a week.

📉 The pound fell on an initial story that the Chancellor Rachel Reeves would abandon plans to raise income tax , as this raised fears the UK's debt path would deteriorate massively.

However, "GBP staged a rebound when it was reported that the reason for dropping the planned tax hikes was due to improved growth forecasts," says Noah Buffam, a strategist at CIBC Capital Markets.

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