It is also expected that the government will make every effort to restore the economy.
As markets await the newest budget presented by the British government, the pound sterling gained ground on the euro and held its own against the greenback. Later today, the Finance Minister Rishi Sunak will present his budget, which will likely include a 5-month extension of the existing jobs rescue plan. It is also expected that the government will make every effort to restore the economy, which has been pummeled by lockdowns and quarantines as a result of the coronavirus restrictions. The prime minister is in the process of easing those restrictions in conjunction with the massive rollout of vaccines.
In London trading as of 10:47 am, the EUR/GBP was trading at 0.8645 pence, down 0.1456%; the pair has ranged from 0.86345 pence to 0.86688 pence in today’s session. The GBP/USD was higher at $1.3981, off the session peak of $1.40072 while the low was recorded at $1.39364.
EU Area PMIs Push Euro Higher
A slew of PMI reports was issued earlier today across the Eurozone. Germany’s Service and Composite PMIs for February were worse than expected at 45.7 and 51.1; analysts had predicted that the readings would be flat for the Eurozone’s largest economy. The second largest economy, France, fared better with readings that surpassed expectations at 45.6 for services and 47.0 for the Composite PMI; analysts had predicted 43.6 and 45.2, respectively. For the Eurozone as a whole, both readings were higher than the projections at 45.7 and 48.8. EU producer price inflation data was also upbeat. The data helped to push the euro higher against the dollar, with the EUR/USD trading at $1.2089, up 0.048%.
Go to the news source: Markets Await UK Budget Plan