Sterling Sees Further Strength
GBP: Yesterday's trading session saw the British Pound climb following Chancellor Jeremy Hunt's spring budget release, which contained several tax cuts. Hunt decreased national insurance contributions by 2 pence while remaining economically prudent, easing fears about the ï¿¡3 trillion debt burden. This decision boosted consumer stocks and added to the Pound's strength against other major currencies.
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EUR: Despite the European Central Bank (ECB) signalling a potential rate cut in June and revising down its inflation forecast in yesterday's meeting, the Euro reached a two-month high. It is on track for its best week against the U.S. Dollar in months. However, the Euro faced pressure from a risk-on market sentiment, causing it to weaken against risk-sensitive currencies like the British Pound.
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USD: The U.S. Dollar faced challenges during the recent trading session, as a bullish market sentiment diminished its appeal. This week's 1% decline in the dollar is poised to be the most significant in nearly three months. The upcoming U.S. jobs data will be a crucial test for the greenback, with forecasts suggesting a decrease in nonfarm payrolls to 200,000 for February, following January's substantial gain of 353,000.
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