How the Budget affects the Pound

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Budget Offers Little to Bolster the Pound
Yesterday’s Budget Speech by the UK Chancellor, George Osborne, was largely a low-key affair for currency markets, with Sterling investors taking little notice of the Chancellor’s unexpected plans to ramp up the domestic pension industry.

In the absence of major domestic economic data yesterday, the single currency tracked crucial news flows emanating from across the Atlantic and subsequently weakened against the US Dollar after the Fed Chief hinted at a sooner than expected hike in borrowing costs.

The Euro is range bound against most of its major counterparts in today’s trading session. Weak German producer prices report released this morning are likely to add to deflationary concerns in the currency bloc, especially in the wake of the unexpectedly weak Euro zone consumer price inflation report released earlier this week.

Key Economic Events

UK CBI Industrial Trends Survey
US Fed Releases Dodd-Frank Act Supervisory Stress Test Results
US Continuing Jobless Claims
US Initial Jobless Claims
US Philadelphia Fed Manufacturing Survey
US Leading Indicator
US Existing Home Sales

Interbank Exchange Rates (09:00)
GBP 1.1979 1.6557 12.856 1.8341
EUR 0.8350 1.3824 10.733 1.5312
USD 0.6041 0.7235 7.7640 1.1076

Support Levels
GBP/USD Support 1.6480 1.6420 1.6333
GBP/EUR Support 1.1916 1.1874 1.1850
EUR/USD Support 1.3782 1.3732 1.3656

Resistance Levels
GBP/USD Resistance 1.6627 1.6714 1.6774
GBP/EUR Resistance 1.1982 1.2006 1.2048
EUR/USD Resistance 1.3908 1.3984 1.4034

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How the Budget affects the Pound

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