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- GBP/USD to remain in an effective 1.38-1.43 range – Westpac
GBP/USD to remain in an effective 1.38-1.43 range – Westpac
FXStreet reports that economists at Westpac said that vaccine rollouts and restriction easing should keep the GBP/USD pair within a lower 1.38-1.43 range.
“The UK's March 2021 Budget once again underscored the extraordinary scale of the UK's support for the economy. Chancellor Sunak announced the inevitable lifting of the tax burden in coming years to pay for the fiscal blowout, which is still of a scale unprecedented in peacetime. Markets have taken the Budget in their stride, largely because the bulk of details had been profiled (rather than merely leaked) in the past two weeks.”
“Data over the coming week is extremely light. This may well mean that markets will focus upon the fallout from the Budget as well as the UK’s successful vaccine rollout (now over 21mn citizens have been vaccinated) and the start of lockdown restrictions being eased from next Monday. Although GBP/USD has broken below 1.40, it is likely to remain well supported and remain in an effective 1.38-1.43 range.”
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