In today’s economic calendar a mixture of data has already been released. The number of purchase orders placed with German manufacturers has significantly dropped by – 11.3 percent in February.
The change in the price of UK homes rose by 0.4 percent in February, this is the fifth consecutive month house prices have increased.
This afternoon, the European Central Bank are set to hold interest rates at 4.5 percent. Inflation in the EU remains above the 2 percent target rate at 2.5 percent.
Yesterday the Chancellor of Exchequer Jeremy Hunt outlined his fiscal plan for the following financial year. The main talking point was Hunt announced a 2p reduction to the National insurance, meaning the average employee will retain an additional £450 per year.
The Pound reacted positively against the Dollar yesterday afternoon after the Fed Chair Powell’s testimony showed no signs of support for the Dollar.
GBPUSD has marked its fifth straight day of continuous gains, helping the Pound achieve a one month high against the Dollar.
On the other hand, GBPEUR has been trading in a tight 50-point range since the start of March. Investors will pay close attention to ECB President Lagarde’s comments later on today to understand her views on future growth and when rate cuts will commence.