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- European session review: GBP appreciates ahead of the announcement of UK's budget
European session review: GBP appreciates ahead of the announcement of UK's budget
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 07:30 | Switzerland | Consumer Price Index (MoM) | February | 0.1% | 0.4% | 0.2% |
| 07:30 | Switzerland | Consumer Price Index (YoY) | February | -0.5% | -0.3% | -0.5% |
| 08:50 | France | Services PMI | February | 47.3 | 43.6 | 45.6 |
| 08:55 | Germany | Services PMI | February | 46.7 | 45.9 | 45.7 |
| 09:00 | Eurozone | Services PMI | February | 45.4 | 44.7 | 45.7 |
| 09:30 | United Kingdom | Purchasing Manager Index Services | February | 39.5 | 49.7 | 49.5 |
| 10:00 | Eurozone | Producer Price Index (YoY) | January | -1.1% | -0.4% | 0% |
| 10:00 | Eurozone | Producer Price Index, MoM | January | 0.9% | 1.2% | 1.4% |
GBP rose against most of its major counterparts in the European session on Wednesday as market participants awaited the announcement of the UK's budget by the finance minister Rishi Sunak at 12:30 GMT.
It is expected that Sunak will pledge to do “whatever it takes”, including an extension of a massive jobs rescue plan, to support the economy during the final months of COVID-19 restrictions.
“First, we will continue doing whatever it takes to support the British people and businesses through this moment of crisis,” excerpts of Sunak's speech says. “Second, once we are on the way to recovery, we will need to begin fixing the public finances - and I want to be honest today about our plans to do that. And, third, in today’s budget we begin the work of building our future economy.”
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