{"id":95966,"date":"2020-02-12T08:43:21","date_gmt":"2020-02-12T13:43:21","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=95966"},"modified":"2020-02-12T08:43:21","modified_gmt":"2020-02-12T13:43:21","slug":"102362-gbp-usd-nearing-1-30-in-third-day-of-gains","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102362-gbp-usd-nearing-1-30-in-third-day-of-gains\/","title":{"rendered":"GBP\/USD: Nearing 1.30 in Third Day of Gains"},"content":{"rendered":"

The British pound<\/a> is up against the US dollar<\/a> on Wednesday afternoon, targeting a third day of gains. Expectations that higher government spending in the UK might offset some of the trade uncertainties is coming to the aid of Sterling while dovish testimony from Fed Chair Jerome Powell is causing the dollar to soften.<\/p>\n

GBP\/USD<\/a> was higher by 33 pips (+0.26%) at 1.2984 with a daily price range of 1.2950 to 1.2990 as of 2pm GMT. The 1.30 level has been pulling the currency pair higher this week where gains now total +0.71%.<\/p>\n

GBP high thanks to prospect of increased government spending<\/h2>\n

While Brexit and trade-related uncertainties persist in the UK, the pound is being supported by the prospect of increased government spending. A first hint at the kind of infrastructure spending to expect under Prime Minister Boris Johnson came when his government approved HS2, the high-speed rail line connecting London to Birmingham. The approval of HS2 would suggest other big-ticket projects could also be in the loop.<\/p>\n

As a reminder, the formula for GDP = C + I + G + (X-M). The \u2018G\u2019 represents government spending, so in theory the higher the \u2018G\u2019 the higher the GDP. The government will announce its next budget on March 11, and Chancellor of the Exchequer Sajid Javid has said there will be an \u201cinfrastructure revolution.\u201d Business investment has been lagging since the EU referendum so rising government spending, including lucrative government contracts could encourage businesses to start investing again.<\/p>\n

USD down ahead of Powell’s testimony<\/h2>\n

Federal Reserve Chair Jerome Powell is expected to make similar commentary to the US Senate today as he did to the Congress on Tuesday. Powell said the Fed is confident in the US economy and sees the removal of trade uncertainty as a positive. However, he also warned on the potential negative effects of the coronavirus, which investors took to mean the Fed might be prepared to lower interest rates to protect the US economy. Questions from Senator Elizabeth Warren, who has held some important finance-related positions in government and is now a Democratic Presidential candidate could be a highlight.<\/p>\n

\n

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The British pound is up against the US dollar on Wednesday afternoon, targeting a third day of gains. Expectations that higher government spending in the UK might offset some of the trade uncertainties is coming to the aid of Sterling while dovish testimony from Fed Chair Jerome Powell is causing the dollar to soften. GBP\/USD […]<\/p>\n","protected":false},"author":163946604,"featured_media":5645,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[1396,1386,2274,2139,1438,1409,2303,2299,2300],"class_list":{"0":"post-95966","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-usd","9":"tag-boris-johnson","10":"tag-brexit","11":"tag-congress","12":"tag-coronavirus","13":"tag-federal-reserve","14":"tag-gdp","15":"tag-rail-line","16":"tag-testimony","17":"tag-us-senate"},"acf":[],"yoast_head":"\nGBP\/USD: Nearing 1.30 in Third Day of Gains - 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\/102362-gbp-usd-nearing-1-30-in-third-day-of-gains\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fabio Beccari\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102362-gbp-usd-nearing-1-30-in-third-day-of-gains\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102362-gbp-usd-nearing-1-30-in-third-day-of-gains\\\/\"},\"author\":{\"name\":\"Fabio Beccari\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/33f0a0ab3cf382315be5bcec964c06cb\"},\"headline\":\"GBP\\\/USD: Nearing 1.30 in Third Day of Gains\",\"datePublished\":\"2020-02-12T13:43:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102362-gbp-usd-nearing-1-30-in-third-day-of-gains\\\/\"},\"wordCount\":597,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102362-gbp-usd-nearing-1-30-in-third-day-of-gains\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100662-gbp-usd-no-surprise-us-fed.jpg\",\"keywords\":[\"boris johnson\",\"Brexit\",\"Congress\",\"coronavirus\",\"federal reserve\",\"gdp\",\"rail line\",\"testimony\",\"US Senate\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102362-gbp-usd-nearing-1-30-in-third-day-of-gains\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102362-gbp-usd-nearing-1-30-in-third-day-of-gains\\\/\",\"name\":\"GBP\\\/USD: Nearing 1.30 in Third Day of Gains - 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