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Today’s UK budget proposal contains several positive elements for GBP. It may take some time for this to be felt in FX markets, but the headline impact is there, in the opinion of analysts at TD Securities.

Key quotes

“The pound has been fairly slow to react to today’s budget, but we think the outlook has brightened. That is particularly the case when we take today’s comprehensive policy package in its entirety.” 

“While GBP/USD will certainly remain heavily influenced by day-to-day developments, sterling may begin to benefit a bit more in a relative sense.”

“EUR/GBP is to retrace some of its recent gains. There, we think the cross could gravitate back toward the 0.86 mark. That level, in our view, represents a better near-term equilibrium on a risk-adjusted basis.”


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