UK: A moderately-sized tax relief package can give some support to GBP this week – ING
Source Fxstreet
This could be an important week for UK markets. Economists at ING analyze Pound Sterling (GBP) outlook ahead of the Spring Budget.
UK budget is a key event risk for Sterling
Hopes of delivering pre-election tax cuts are likely to be met by funding constraints, even though we estimate the headroom has increased from £13bn to £18bn thanks to slightly lower market rates compared to November’s Autumn Statement.
UK media have reported Hunt is probably scaling back the size of the tax relief package and that support measures will also be smaller than in November.
A moderately-sized tax relief package (i.e., one that does not trigger gilts turmoil) can probably give some support to GBP this week, but the spectrum of possibilities is admittedly quite wide.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
TradingKey - Bitcoin prices continue to surge toward $82,000; however, will MicroStrategy's sell signal trigger a Bitcoin price crash?On May 6, although the largest Bitcoin holder, MicroStrategy ( MST
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $97.50 during the early Asian trading hours on Wednesday. The WTI price falls amid easing tensions in the Middle East.
West Texas Intermediate (WTI) trades around $101.10 on Tuesday, down 1.26% at the time of writing, after posting strong gains the previous day amid escalating geopolitical tensions in the Middle East.
Crypto Overview: Toncoin, Terra Classic rise by double digits as Bitcoin grips $80,000Bitcoin (BTC) rises above $80,000 at press time on Tuesday, triggering a broader market recovery despite the US-Iran ceasefire at risk as tensions resurface. Toncoin (TON) and Terra Classic (LUNC) are leading the market recovery with double-digit gains over the last 24 hours.
Bitcoin (BTC) rises above $80,000 at press time on Tuesday, triggering a broader market recovery despite the US-Iran ceasefire at risk as tensions resurface. Toncoin (TON) and Terra Classic (LUNC) are leading the market recovery with double-digit gains over the last 24 hours.
AUD/USD extends its losses for the second successive day, trading around 0.7160 during the Asian hours on Tuesday. Traders expect the Reserve Bank of Australia (RBA) to deliver an interest rate hike later in the day.
Related Instrument
