EUR/GBP to tick down toward 0.8525/0.8535 – ING

Market news

7 March 2024

EUR/GBP to tick down toward 0.8525/0.8535 – ING

Economists at ING analyze the Pound Sterling (GBP) outlook after Chancellor of the Exchequer Jeremy Hunt delivered the Spring Budget.

Budget has not moved the needle

If a measure of success for Wednesday’s budget was for Chancellor Hunt not to upset the Gilt market, then it was a good budget. Indeed, bond investors seemed to take the news of a higher FY 24/25 Gilt supply remit in their stride.

In the short term, we believe Sterling could do a little better either at the hands of a softer Euro (today) or a softer Dollar (Friday).

0.8525/0.8535 should be the direction of travel for EUR/GBP today.

EUR/GBP falls toward 0.8550 ahead of ECB policy decision

China Foreign Exchange Reserves (MoM) above expectations ($3.205T) in February: Actual ($3.226T)

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