Sterling hits two-week high versus dollar
2018-03-13 16:54:36 GMT (Economies.com)
Sterling hits two-week high versus dollar

Sterling rose against the dollar in American trade away from January 12 lows for the eighth session out of nine, following earlier data from Britain and the US, the world's largest economy. 

 

As of 04:07 GMT, GBP/USD rose 0.51% to 1.3977 from the opening of 1.3906, with a session-low at 1.3875, and a February 27 high at 1.3988. 

 

Earlier from the UK, finance minister Hammond unveiled the yearly budget statement, where he noted the progress made by the government to improve economic conditions, while expecting a budget deficit of 45.2 billion pounds in the year 2017-2018.

 

Hammond expected the deficit to fall by 10 billion pound in 2018 compared to 2010, and for the UK to achieve to 15 billion deficit target b 2021, expecting also improved labor conditions in the next few years. 

 

The Office of Budget Responsibility raised GDP growth forecasts to 1.5% in 2018 from 1.4%, while maintaining forecasts for 2019 and 2020 at 1.3%, and cutting projections for 2021 to 1.4% from 1.5%. 

 

Otherwise, Earlier US data showed consumer prices slowed down to 0.2% as expected from 0.5% in January, while core prices slowed down as well to 0.2% from 0.3% in January. 

 

On a yearly basis, consumer prices accelerated to 2.2% as expected from 2.1% in January, while core prices steadied at 1.8% in line with expectations.

 

US President Donald Trump abruptly fired Secretary of State Rex Tillerson and put in his place CIA Director Mike Pompeo, becoming another sign of instability in the administration. 

 
 
 
  Symbol Last Change Chg.%
1.1657
0.0065
0.5633%
1.3263
-0.0001
0.0041%
16.445
-0.113
0.682%
69.320
4.947
7.686%
75.59
2.53
3.46%
1269.655
-10.115
0.790%
 
 
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