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Markets react positively to UK Budget

The Chancellor reduced his surplus target of £23 billion in 2019/20 and announced some tax give aways that look to have been received well by the markets. Sterling is a little stronger with GBPUSD rising from 1.4640 at the start to 1.4670 and the FTSE 100 rallying from 6895 to 6908.

Now we can focus on tonight’s FOMC meeting which could be a big market mover, where once again investors will want to see evidence of when we can expect the first rate hike, at a time when many other central banks are cutting rates. NB during the Budget, the Swedish Riksbank made a surprise move to cut its benchmark to -0.25% from -0.1%.

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