Pound Advances Ahead Of Budget
2024-10-23
2737
(fxcue news) - The pound climbed against its major counterparts in the New York session on Tuesday ahead of the budget announcement due on Wednesday.
Analysts expect the Autumn Budget to introduce key fiscal reforms, including tax changes and wage adjustments that could significantly impact the industry landscape.
Google parent Alphabet is due to unveil its earnings later in the day, with investors keen to see how growth at its key search business is progressing during a time of rising competition.
Markets also keep a close eye on the upcoming Nov. 5 U.S. presidential election.
A Trump victory may be on the horizon, but most major polls currently show him locked in a tight race with Vice President Kamala Harris.
The CBI's monthly retail sales survey showed U.K. retail sales volumes slipped back slightly in October due to consumer caution ahead of this week's budget announcement by finance minister Rachel Reeves.
The pound firmed to a 1-week high of 1.3007 against the greenback and more than a 3-month high of 199.69 against the yen, off its early lows of 1.2957 and 198.04, respectively. The next possible resistance for the currency is seen around 1.32 against the greenback and 203.00 against the yen.
The pound moved up to near 2-week highs of 0.8298 against the euro and 1.1298 against the franc, from an early low of 0.8340 and a 5-day low of 1.1209, respectively. The currency is poised to challenge resistance around 0.82 against the euro and 1.14 against the franc.
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