London RationalFX

RationalFX : Sterling falls amid budget concerns

RationalFX : The pound fell on Wednesday following market speculation of a delay to the UK’s budget announcement in March…….

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Investors sold GBP during Wednesday’s trade as fears grew that the budget may contain less fiscal stimulus than markets had initially hoped for, especially in the immediate aftermath of the appointment of Rishi Sunak.

According to reports, Sunak may delay some of the bigger policy measures due to concerns over the economic outlook caused by the coronavirus outbreak. This stance has been supported by the Institute for Fiscal Studies, who went on record to say that Sunak should resist the temptation to rewrite Britain’s fiscal rules.

Key Announcements

13:30: USD- Nondefense Capital Goods Orders ex Aircraft (Jan); expected to increase to 0.1% from previous -0.8%.

13:30: USD- Gross Domestic Product Annualized (Q4); expected to remain at 2.1%.

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