GBP: Market considers the budget impact

The Bank of England's broad Pound Sterling index is back to challenge the July high at around 84.65, ING’s FX strategist Chris Turner notes. 1.3300/3330 us the next short-term target for GBP/USD “These mark the highest levels since the Brexit vote in June 2016. Driving the GBP higher has been the malaise both in the eurozone and now emergingin the US, too, combined with the BoE's reticence to signal a full-blooded easing cycle.

There is much speculation over £20bn of tax increases coming through – worth around 0.7% of GDP. However, this may not represent fiscal tightening since she will be using the money to address the real-terms cut in public spending under the previous Conservative government. Public sector pay rises alone may be worth as much as £10bn.

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GBP: Lower inflation, stronger labour market, what's happening to growth?Thursday’s UK inflation figures were generally a little lower than expected due to a sharper fall in services inflation.
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GBP/USD falters on uneasy market flows but holds in midrangeGBP/USD kicked off the new trading week with a fresh plunge on Monday, falling into familiar lows just north of 1.2700 before recovering ground to end the day close to where it started just below the 1.2800 handle.
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GBP/USD Price Analysis: Slips below 1.2800 amid market turmoilThe Pound Sterling edges lower after trimming some of its earlier losses due to a bloodbath in the financial markets, led by Asian equities, which triggered circuit breakers halting trading as losses deepened.
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