Reuters reported that British finance minister Jeremy Hunt said it will be necessary to maintain the disciplined approach of his November budget to help reduce inflation, Prime Minister Rishi Sunak's office said following a Cabinet meeting on Thursday.
The article states that Hunt announced a string of tax increases and tighter public spending in a budget plan in November. He is due to present a budget on March 15.
"The Prime Minister and (Hunt) emphasised that the rate of inflation is only predicted to fall because of the tough decisions the Government had taken at the autumn statement to stabilise the economy," Sunak's office said.
GBP/USD update
It has been a volatile day on Wall Street and offered two-way business:
The day started out with the London session breaking structure to the downside while the price went on to rally into the locked-in highs in the New York session in and around the red news on the calendar before the inevitable blow-off into in-the-money longs from earlier in the week.
The price has now completed the move into the 4-hour W-formation's neckline and is moving higher towards a bullish extension, potentially on the hunt for more liquidity before another attempt at the downside as per the daily chart:
1.2450 is eyed as equal highs that could be swept before bears engage again.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD: Further gains retarget the 200-day SMA
Extra gains saw AUD/USD extend the breakout of the key 0.6500 barrier on Tuesday as hawkish RBA Minutes seem to have lent fresh wings to the Aussie Dollar despite the prevailing risk aversion.
EUR/USD: The recovery needs a stronger catalyst
EUR/USD reversed two daily pullbacks in a row and came under some fresh downside pressure following renewed geopolitical jitters on the Russia-Ukraine front, all prior to key data releases on both sides of the ocean due later in the week.
Gold remains propped up by geopolitics
Gold retreats slightly from the daily high it touched near $2,640 but holds comfortably above $2,600. Escalating geopolitical tensions on latest developments surrounding the Russia-Ukraine conflict and the pullback seen in US yields help XAU/USD hold its ground.
Why is Bitcoin performing better than Ethereum? ETH lags as BTC smashes new all-time high records
Bitcoin (BTC) has outperformed Ethereum (ETH) in the past two years, setting new highs while the top altcoin struggles to catch up with speed. Several experts exclusively revealed to FXStreet that Ethereum needs global recognition, a stronger narrative and increased on-chain activity for the tide to shift in its favor.
How could Trump’s Treasury Secretary selection influence Bitcoin?
Bitcoin remained upbeat above $91,000 on Tuesday, with Trump’s cabinet appointments in focus and after MicroStrategy purchases being more tokens.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.