Morning Update – Budget before Brexit

Morning all

It’s that time of the year again when that wretched suitcase shuffles out of Downing Street…

GBP

Well this is the last time Hammond prepares the budget before we leave the EU. Take note that if we cannot agree a Brexit deal, anything inside that suitcase will be worthless and a new arrangement will need to be agreed. The budget will be released at 15:30GMT and there is no point speculating what the outcome will be, 9/10 we get it wrong! If there is anything relevant and interesting we will do a budget special for you tomorrow. GBP stuck near 2 month lows as a result.

USD

The currency which can do no wrong! Trade tensions between the US and China and a steady pace of rate increase by the Federal Reserve have boosted the USD significantly. Nothing new to report here.

EUR – Breaking News!!

German Chancellor Angela Merkel has told her CDU party that she will not run for re-election as its chairwoman in December. Her decision comes after her party suffered heavy losses in regional elections that threatened the stability of the governing coalition. EUR weakness, more as it comes…

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