POUND GATHERS MOMENTUM AHEAD OF UK BUDGET, DOLLAR PULLBACK AHEAD OF POWELL SUPPORTS

Published on Mar 06, 2024 15:43

UK pound is hovering near a one-month high during the European session on Wednesday ahead of the United Kingdom�s 2024 budget statement. Moreover, dollar decline ahead of Powell�s testimony to the congress later in the global day is also supporting gains in GBPUSD. The pair is currently quoting at $1.2732, up 0.22% on the day and its highest level in almost a month. The 2024 budget statement is expected to present economic forecasts, fiscal stimulus measures, and borrowing outlook for UK. Meanwhile, at 49.7 in February, up from 48.8 in January, the headline S&P Global UK Construction Purchasing Managers� Index (PMI) � a seasonally adjusted index tracking changes in total industry activity � registered its highest level since August 2023 and was only fractionally below the neutral 50.0 threshold. On the NSE, GBPINR futures are trading at 105.40, up 0.18% on the day.