By Joel Frank GBP/USD is currently consolidating around the 1.3950 mark amid thin trading volumes The UK budget is to be revealed tomorrow and will be the main event of the day for GBP. Recent reports from the FT suggest a longer than expected extension to UK Covid-19 support programmes like the furlough scheme. GBP/USD is currently consolidating around the 1.3950 mark amid thin trading volumes with the Wednesday Asia Pacific session yet to get into full flow. Recent news that UK Finance Minister Rishi Sunak is set to extend Covid-19 support further than expected has not impacted FX markets at all but may support GBP as volumes pick up in the coming hours. […] Budget Expectations Update The FT just came out with a new report suggesting that UK Finance Minister Rishi Sunak is set to extend a vast package of Covid-19 support until the end of September, which, as the articles says, Sunak hopes will nurse the UK economy back to economic health by the autumn.
Click here to read the full article