Intra-day Market Moving News and Views
20 Mar 2013 2:53GMT
GBP/USD - 1.5096…
The pound is expected to fluctuate wildly today, if the MPC minutes don’t do that, then later at 12:30GMT, U.K. Chancellor of Exchequer George Osborne may when he delivers his 2013 budget plan to the parliament. He is widely expected to announce more cuts in public spending in order to free up some cash for investment. And also, Osborne is likely to lower his forecast of U.K. economic growth.
20 Mar 2013 2:51GMT
GBP/USD - 1.5096…
The British pound edged lower in NY afternoon after brief rebound fm 1.5077 to 1.5137, price weakened to 1.5087 in Australia b4 staging a minor recovery in Asia. Offers are now touted at 1.5135/45 n more abv there n stops are located abv last Fri’s high at 1.5177. On the downside, bids are noted at 1.5075/65 n more at 1.5050/40. Expect the usual sideways trading until release of U.K. jobs data at 09:30GMT n market forecasts of jobless rate n claimant count are 7.8% n -5.0K. The Bank of England will release the minutes of its March MPC meeting. Last month, BoE’s King, Fisher n Miles voted to raise the asset purchasing program to 400 bln stg. The pound may fall sharply if there is any policymaker supporting another round of monetary easing.