Budget Provides Little Support to Sterling

The pound fell for a third day, touching a seven-week low against the dollar, before a U.K. budget that analysts say will do little to support the beleaguered currency.

Sterling fell against most of its major peers as it cemented its position as 2017’s worst-performing Group-of-10 currency before the U.K. triggers its exit from the European Union. That process has been further complicated this week after Prime Minister Theresa May lost a second vote in the House of Lords over the conditions to her draft law to start the Brexit process, setting the stage for further tussles before Article 50 can be invoked.

U.K. Chancellor of the Exchequer Philip Hammond presents his first annual budget at 12:30 p.m. London time, when he is expected to say Britain is well placed to weather the challenges of Brexit.


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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam