GBP/EUR: Pound Targets €1.16 On Euro Weakness

The Pound Euro exchange rate is holding steady in early trade on Wednesday just shy of €1.1550.

Today is all about the UK Budget for the Pound. The Chancellor Rishi Sunak will need to walk a fine line between offering sufficient support to the economy whilst keeping in mind the dire state of UK finances.

The furlough scheme is due to be extended to September. The UK high street and home buyers are also in for some good news. The big question will be whether Rishi Sunak will start raising taxes the plug the black hole in public finances?

The Euro will focus on service sector PMI data which is expected to confirm preliminary readings of 45.6.