Pound Sterling Price News and Forecast: GBP/USD rises ahead of the UK Autumn Budget
|GBP/USD rises to near 1.3200 ahead of UK Autumn Budget
GBP/USD continues its winning streak for the fifth consecutive day, trading around 1.3190 during the Asian hours on Wednesday. Traders await the UK Chancellor of the Exchequer, Rachel Reeves, to deliver the Autumn Budget later in the day.
The British Finance Minister Rachel Reeves is expected to unveil tens of billions of pounds in new tax hikes, a budget that will test her credibility with both bond investors and lawmakers pushing for increased welfare spending. A more responsible fiscal stance can strengthen long-term confidence in UK assets, offering mild support to the Pound Sterling (GBP). Read more...
GBP/USD strengthens as US data erodes Dollar support
GBP/USD advances some 0.59% on Tuesday due to broad US Dollar (USD) weakness amid a scarce economic docket in the United Kingdom (UK), with investors awaiting the release of the UK Autumn budget. At the time of writing, the pair trades at 1.3181, closing on the 1.3200 milestone.
US economic data continues to flow, yet figures have increased the likelihood of a Federal Reserve (Fed) rate cut at the December meeting. The Producer Price Index (PPI) for September rose by 2.7% YoY, aligned with estimates and August’s print, an indication that prices have stalled. Core PPI for the same period dipped from 2.9% YoY to 2.6%, below forecasts of 2.7%. Read more...
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