Pound Advances After Spring Statement
13 Marzo 2018 - 04:50AM
RTTF2
The pound climbed against its major rivals in early New York
deals on Tuesday, after the Chancellor of the Exchequer Philip
Hammond revised up the growth forecasts for this year, while
projecting a narrow deficit in order to reduce public debt
levels.
In his spring statement, Hammond upgraded growth forecast to 1.5
percent in 2018, up from the 1.4 percent previously expected.
The Office for Budget Responsibility said the government
borrowing is expected to be GBP 45.2 billion in the 2017-18 fiscal
year, GBP 4.7 billion lower than the projections it made in
November.
Hammond said that there was "light at the end of the tunnel" for
the U.K. economy. "Another step on the road to rebuilding the
public finances decimated by the party opposite."
The pound climbed to a 2-week high of 1.3974 versus the
greenback and near a 2-week high of 149.38 against the yen, from
its early lows of 1.3875 and 147.77, respectively.
The pound strengthened to 0.8854 against the euro and 0.8854
against the franc, off its early low of 0.8886 and a 4-day low or
1.3149, respectively.
If the pound rises further, it may find resistance around 1.43
versus the greenback, 153.00 against the yen, 0.87 against the euro
and 1.34 against the franc.
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