{"id":118510,"date":"2024-10-30T11:20:04","date_gmt":"2024-10-30T11:20:04","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=118510"},"modified":"2024-11-02T10:24:11","modified_gmt":"2024-11-02T10:24:11","slug":"1091320-118510-pound-falls-on-budgt-day","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/1091320-118510-pound-falls-on-budgt-day\/","title":{"rendered":"GBP\/EUR: Pound falls on Budget Day"},"content":{"rendered":"<ul>\n<li><strong>Pound (GBP) is falling ahead of the Budget<\/strong><\/li>\n<li><strong>Tax hikes and spending cuts are expected<\/strong><\/li>\n<li><strong>Euro (EUR) is rising ahead of eurozone GDP &amp; German CPI data<\/strong><\/li>\n<li><strong>The ECB is expected to cut rates again<\/strong><\/li>\n<\/ul>\n<p>The Pound Euro (<a href=\"https:\/\/currencylive.com\/exchange-rate\/1000-gbp-to-eur-exchange-rate-today\/\">GBP\/EUR<\/a>) exchange rate is falling after losses yesterday. The pair rose 0.28% in the previous session, settling on Tuesday at \u20ac1.2030 and trading in a range between \u20ac1.1984 and \u20ac1.2050. At 11:00 UTC, GBP\/EUR trades -0.48% at \u20ac1.1973.<\/p>\n<p>The pound is falling ahead of the UK budget, which Chancellor Rachel Reeves will unveil at 12:30 GMT. this will be the first Labour budget in 14 years.<\/p>\n<p>Reeves is expected to unveil tax hikes, spending cuts, and changes to fiscal rules to allow for further borrowing.<\/p>\n<p>Prime Minister Kier Starmer has warned that the budget will be painful for some as the Chancellor looks to plug a \u00a322 billion black hole in public finances.<\/p>\n<p>Tax hikes are often deflationary and could aid the Bank of England to continue cutting interest rates.<\/p>\n<p>Meanwhile, traders will also be watching the level of additional borrowing that Reeves is planning. Anything above a \u00a310 to \u00a320 billion increase per year could potentially unsettle the market, upsetting the gilt market and pulling the pound lower.<\/p>\n<p>The euro is rising as investors look ahead to eurozone GDP and German inflation data. The eurozone economy is expected to grow 0.2% quarter on quarter in Q3, in line with growth in Q2.<\/p>\n<p>Meanwhile, German inflation is expected to rise to 1.8% year on year in September, up from 1.6%. However, this remains below the European Central Bank&#8217;s 2% target level.<\/p>\n<p>Still, any gains in the euro could be limited by expectations that the ECB will continue cutting rates.<\/p>\n<p>The central bank is widely expected to cut rates again in December, although the market is undecided whether it will opt for a 25- or 50-basis-point cut. Weak data could fuel expectations for an outsized cut.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pound (GBP) is falling ahead of the Budget Tax hikes and spending cuts are expected Euro (EUR) is rising ahead of eurozone GDP &amp; German CPI data The ECB is expected to cut rates again The Pound Euro (GBP\/EUR) exchange rate is falling after losses yesterday. The pair rose 0.28% in the previous session, settling [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":5192,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1395,2649,1394,2410],"class_list":["post-118510","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-gbp","tag-eur","tag-eur-gbp","tag-gbp","tag-gbp-eur"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/EUR: Pound falls on Budget Day - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/1091320-118510-pound-falls-on-budgt-day\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/1091320-118510-pound-falls-on-budgt-day\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/1091320-118510-pound-falls-on-budgt-day\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/EUR: Pound falls on Budget Day\",\"datePublished\":\"2024-10-30T11:20:04+00:00\",\"dateModified\":\"2024-11-02T10:24:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/1091320-118510-pound-falls-on-budgt-day\\\/\"},\"wordCount\":325,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/1091320-118510-pound-falls-on-budgt-day\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100811-gbp-usd-uk-brexit-vote.jpg\",\"keywords\":[\"eur\",\"eur\\\/gbp\",\"gbp\",\"gbp\\\/eur\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/1091320-118510-pound-falls-on-budgt-day\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/1091320-118510-pound-falls-on-budgt-day\\\/\",\"name\":\"GBP\\\/EUR: Pound falls on Budget Day - 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