Traders' concern over the UK Autumn Budget intensifies, with the options market clearly taking a bearish stance on the pound.

The pound option market shows that traders' concerns about the UK autumn budget are increasing, with November becoming a focal point for betting on pound weakness. Data shows that nearly 80% of the euro-pound options expiring that month are betting on a depreciation of the pound. The pressure on the pound is intensifying ahead of the announcement of the budget by UK Chancellor of the Exchequer Rishi Sunak on November 26. Market expectations are that she will increase taxes in various areas such as pensions, property, and personal income to fill the government's fiscal gap. Bloomberg Economics predicts that she will need to raise taxes by as much as 350 billion. The pound is set to fall against the euro for the fourth consecutive month, marking the longest continuous decline in seven years.