The pound sterling was gaining ground during trading on Wednesday, as traders are not sure of the direction of the currency before the impending budget statement from Philip Hammond, the country’s finance minister. However, analysts did not expect their statement to have a significant impact on the pound, as currency traders had already prepared for a lower growth forecast. In addition, many analysts believe that the finance ministry has no room to make high-impact budget decisions.
One area that consensus agrees on is that it will talk about ways to improve weak current productivity levels and can implement ways to increase construction in the residential home environment.
As reported at 10:58 a.m. (GMT) in London, the GBP / USD was quoted at $ 1.3252, with a gain of 0.03%; The earlier pair reached a session peak of $ 1.3262 while the minimum is at $ 1.3230. The EUR / GBP is trading at 0.8866 Pence, with a gain of 0.06%; the pair has varied from 0.888534 Pence to a peak of 0.88870 Pence. The GDP of the United Kingdom foresees a disaster A currency strategist says that Sterling is still undervalued for the moment, and as a result, will react more strongly to the good news.
Outside today’s budget announcement, markets will focus on the current Brexit negotiations and the publication of growth data for the third quarter. Currently, the analysts surveyed predict that there will be no changes in GDP (annually and quarterly), while the total business investment is forecast to have fallen significantly in the third quarter, both annually and quarterly.