Forecasts from the Office for Budget Responsibility (OBR) restricted Jeremy Hunt’s options his ongoing mission to boost UK growth and reduce government debt
In the lead up to the UK budget announcement a tax cut was widely anticipated until Jeremy Hunt, by his own admission, highlighted that forecasts ‘have gone against us’, leaving very little headroom for the Chancellor of the Exchequer to maneuver with.
The British Pound is marginally negative against the dollar, year-to-date, but has enjoyed somewhat of a lift in the lead up to the Spring Statement, mainly due to softer US data. Tuesday’s services PMI data eased a tad, building on early concerns revealed in Friday’s manufacturing data that flagged the ‘new orders’ sub-index – a forward looking indicator. The Pound Sterling is among the top performers against the dollar this year so far and that is despite being down ever so slightly .
The RSI is yet to approach overbought territory meaning if US jobs data comes in softer this week, GBP/USD could test channel resistance. On the other hand, if US jobs data beats estimates again, we could see cable pressure return, sending the pair towards channel support. Today and tomorrow also sees the Fed Chair Jerome Powell giving testimony in front of Congress with markets looking for any clues around rate cuts or general dovish sentiment from the head of the Fed.
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