Thu, November 24, 2016
The Pound’s volatility against the Dollar has increased this week, after the currency surged almost 1% in a minute on Monday and fell 0.1% on Tuesday. This follows jumps and selloffs in the past month on belief Brexit will be delayed, including a flash crash on Oct. 7 that saw the currency drop to a 31-year low of 1.1841.
Hammond stated in his Autumn Budget Statement that borrowing will rise with an extra 122 billion pounds to be raised by the 2020-21 year compared with forecasts in March.
Hammond said the Office for Budget Responsibility now sees 2017 growth of 1.4% instead of the 2.2% forecast in March. The DMO said that, in addition to the gilt increase, an extra 5.6 billion pounds of Treasury bills will need to be sold this fiscal year.
The Pound switched between gains and losses as traders absorbed the new growth and spending forecasts, ending the day 0.2% higher at 1.2446 against the Dollar. Sterling also gained against the Euro ending the day at 1.1788.
Data to look out for today.
Not Much Data Out Today
CURRENCY PAYMENTS MADE SIMPLE
PRESS RELEASE
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| Day | Time | Currency | Event |
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| THU | 07:00 | EUR | EUR German Private Consumption | THU | 07:00 | EUR | EUR German Gross Domestic Product s.a. (QoQ) | THU | 07:00 | EUR | EUR German Government Spending | THU | 07:00 | EUR | EUR German Capital Investment | THU | 07:00 | EUR | EUR German Imports | THU | 07:00 | EUR | EUR German Gross Domestic Product w.d.a. (YoY) | THU | 07:00 | EUR | EUR German Gross Domestic Product n.s.a. (YoY) | THU | 07:00 | EUR | EUR German Construction Investment | THU | 07:00 | EUR | EUR German Domestic Demand | THU | 07:00 | EUR | EUR German Exports | THU | 09:00 | EUR | EUR German IFO - Business Climate | THU | 09:00 | EUR | EUR German IFO - Current Assessment | THU | 09:00 | EUR | EUR German IFO - Expectations | THU | 09:30 | GBP | GBP BBA Loans for House Purchase | THU | 12:00 | EUR | EUR German GfK Consumer Confidence Survey |
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*These are indicative rates only, based on interbank prices at the time of writing. For exact rates please contact our dealing team
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