{"id":97402,"date":"2020-03-11T10:30:40","date_gmt":"2020-03-11T14:30:40","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=97402"},"modified":"2020-03-11T11:03:00","modified_gmt":"2020-03-11T15:03:00","slug":"102658-gbp-usd-pound-holds-1-2950-as-chancellor-ends-austeriy","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102658-gbp-usd-pound-holds-1-2950-as-chancellor-ends-austeriy\/","title":{"rendered":"GBP\/USD: Pound Holds $1.2950 As Chancellor Unveils \u00a330 Billion Stimulus"},"content":{"rendered":"

The Pound<\/a> has moved off session highs but remains comfortably over $1.29 following the Chancellor\u2019s Budget and an earlier 50 basis point interest rate cut by the Bank of England.<\/p>\n

At 14:00 UTC GBP\/USD<\/a> is trading +0.3% higher at US$1.2950, towards the upper end of the daily range US$1.2846- US$1.2977.<\/p>\n

Pound Steady Post Budget<\/h2>\n

Following on from the Bank of England\u2019s deep interest rate cut earlier today, the Chancellor announced large scale fiscal stimulus to support the UK economy through the coronavirus outbreak and beyond. \u00a0He unveiled a stimulus package to the tune of \u00a330 billion, bringing years of austerity to an end. This budget tots up to \u00a3175 billion in spending over the next 5 years.<\/p>\n

Going into the budget one of the main concerns was what the Government intended to do to support small and medium sized businesses through the supply \/ demand shock of coronavirus<\/a>. There was many measures in this very bold Budget to calm nerves. However, the amount that the government is looking to borrow has also increased dramatically, taking borrowing to the highest level in 30 years. Whilst fiscal stimulus often boosts a currency, high debt levels can unnerve investors.<\/p>\n

To say it has been a busy day for Pound investors would be an understatement. With no high impacting economic releases due tomorrow, investors will be hoping for a calmer day.<\/p>\n

US Dollar Shrugs Off CPI<\/h2>\n

The US dollar<\/a> remains under pressure on Wednesday as investors shrug off better than forecast inflation numbers as they await further information on a US fiscal stimulus package.<\/p>\n

US inflation, as measured by consumer price index increased by 2.3% year on year in February. This was ahead of the 2.2% that analysts had estimated, but below 2.5% recorded in January. However, the data refers to a period before the coronavirus spread started to accelerate and before the oil price tanked to $30. As a result, investors have vied the figures as out of date.<\/p>\n

There is still no news on a stimulus package in the US. After Trump\u2019s announcement on Monday the White House has remined silent, unnerving investors, particularly as the number of coronavirus cases keep growing.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Pound has moved off session highs but remains comfortably over $1.29 following the Chancellor\u2019s Budget and an earlier 50 basis point interest rate cut by the Bank of England. At 14:00 UTC GBP\/USD is trading +0.3% higher at US$1.2950, towards the upper end of the daily range US$1.2846- US$1.2977. Pound Steady Post Budget Following […]<\/p>\n","protected":false},"author":163946597,"featured_media":5112,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[1439,2324,2437,1394,1391,1433,1400,1482,1398],"class_list":{"0":"post-97402","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-usd","9":"tag-boe","10":"tag-budget","11":"tag-coronvirus","12":"tag-gbp","13":"tag-pound","14":"tag-rate-cut","15":"tag-trump","16":"tag-us-dolar","17":"tag-usd"},"acf":[],"yoast_head":"\nGBP\/USD: Pound Holds $1.2950 As Chancellor Unveils \u00a330 Billion Stimulus - 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\/102658-gbp-usd-pound-holds-1-2950-as-chancellor-ends-austeriy\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\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\\\/102658-gbp-usd-pound-holds-1-2950-as-chancellor-ends-austeriy\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102658-gbp-usd-pound-holds-1-2950-as-chancellor-ends-austeriy\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/USD: Pound Holds $1.2950 As Chancellor Unveils \u00a330 Billion Stimulus\",\"datePublished\":\"2020-03-11T14:30:40+00:00\",\"dateModified\":\"2020-03-11T15:03:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102658-gbp-usd-pound-holds-1-2950-as-chancellor-ends-austeriy\\\/\"},\"wordCount\":361,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102658-gbp-usd-pound-holds-1-2950-as-chancellor-ends-austeriy\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100766-gbp-usd-brexit-nerves-hit-pound.jpg\",\"keywords\":[\"boe\",\"budget\",\"coronvirus\",\"gbp\",\"pound\",\"rate cut\",\"trump\",\"us dolar\",\"usd\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102658-gbp-usd-pound-holds-1-2950-as-chancellor-ends-austeriy\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102658-gbp-usd-pound-holds-1-2950-as-chancellor-ends-austeriy\\\/\",\"name\":\"GBP\\\/USD: Pound Holds $1.2950 As Chancellor Unveils \u00a330 Billion Stimulus - 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