Spring Budget In Focus

GBP: The British Pound strengthened and continued its recent winning streak as investors awaited Jeremy Hunt’s budget report. Hunt is expected to reveal the government's plans for taxes and spending ahead of the upcoming general election. There's speculation that he may decrease national insurance contributions for employees, following a previous reduction announced in the autumn statement.

EUR: The Euro increased its value against the US Dollar after the release of Eurozone flash PMIs. The Services Index surpassed expectations, reaching 50.2, while the Composite improved to 49.2, higher than the expected 48.9. Despite signs of improvement in the EU economy, there are still potential risks. Attention now turns to tomorrow’s ECB meeting.

USD: The US Dollar stabilized after recent losses, with investors waiting for further signals on US monetary policy. All eyes are on Federal Reserve Chair Jerome Powell's two-day testimony, where he is expected to maintain a hawkish stance on interest rates. In addition to Powell's testimony, there's anticipation for the release of nonfarm payrolls data for February later this week.

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