Market insights

UK Budget As Expected - MI070324

Most of the expected budget announcements came in as predicted.

Key notes to take away: 2p reduction in National Insurance, VAT threshold revised from £85k to £90k, duty on alcohol has been frozen and finally there's an extension to the windfall tax on big energy companies.

As there was nothing realistically unexpected there wasn't a huge affect on Pound rates.

Overall the Pound is steadily gaining versus the Dollar, losing ground versus the Australian Dollar, and holding steady versus the Euro.

Today has already seen a small increase in UK house prices reported by the Halifax, with plenty of news scheduled for the rest of the day.

The main news is the ECB rate decision just after lunch. Analysts are expecting the rate to be kept at 4.5%. This report will be closely followed by a press conference from the ECB.

There's also further testimony from the Chair of the FED, Jerome Powell.

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Economic calendar

EUR: 13:15 Interest Rate Decision

EUR: 13:45 ECB Press Conference

US: 15:00 FED's Jerome Powell Testifies

As ever we look forward to keeping you in the loop and look out for our next update.

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