Sterling Weathers U.K. Budget Announcement

Dollar and Euro Currency

Yesterday, the keenly awaited UK annual budget was perceived as largely neutral for the Pound, with major highlights being the wide ranging tax reforms, focus on reducing the budget deficit and public debt and an upward revision to the U.K 2012 economic growth forecast. Meanwhile, following yesterday’s dovish BoE’s minutes, data just out indicates that retail sales grew less than expected for February.

Data released this morning revealed lower than expected German, French and Eurozone manufacturing PMI. This comes on the back of dismal Chinese manufacturing data earlier today. All eyes are on jobless claims data in the U.S. which is expected to show that the labour market continues to recover.

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Sterling Weathers U.K. Budget Announcement

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