The GBP/USD dives more than 0.50% on Tuesday as market participants digested news of the UK’s Office for Budget Responsibility (OBR), which plan to cut productivity, leading to a huge hole in the public finances. The pair tumbled below 1.3300 for the first time since mid-October.
EUR/JPY weakens on Tuesday, falling 0.50% for the day to around 177.10 at the time of writing, after hitting a multi-year high at 178.23 the previous day, and halting a five-day winning streak.
The GBP/USD pares some of last Friday’s losses, moderately edges up as the latest inflation report in the United States might not deter the Fed from cutting rates this week. At the time of writing, the pair trades at 1.3319 up 0.07%.