Many traders are positioning for a significant decline in the pound, reflecting deep concerns about Chancellor Rachel Reeves's capability to adhere to her fiscal targets amid soaring borrowing costs.
Market sentiment is increasingly bleak for sterling, with options traders profitably betting against it, expecting it to plunge to $1.12, surpassing even the tumultuous mini-Budget crisis of 2022.
Questions surrounding Chancellor Reeves's ability to meet debt commitments have led to a notable depreciation of sterling, deepened by rising bond yields and calls for fiscal adjustments.
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