The British pound ended the trading day in positive territory after news emerged that a Brexit transition deal could be announced in the coming days. The transition deal would give the U.K. two years beyond the March 2019 exit to implement new laws and regulations outside the EU bloc.
Sterling traders should keep an eye on the U.K. Spring Budget statement today at 11:30 UTC. U.K. Chancellor Philip Hammond is likely to reveal an improvement in U.K. public finances. An upbeat tone could therefore spur bullish momentum in the GBP/USD.
Today, the U.S. Consumer Price Index is due at 12:30 UTC and this inflation indicator could shift Fed rate forecasts. A March 21 rate hike is almost certain but the focus will be on the debate between 3 and 4 hikes throughout this year. How the dollar will trade within the next hours could therefore hinge on today’s inflation numbers.
The euro ended the trading day virtually unchanged against the dollar while profitable trading opportunities were absent. As long as the euro remains above 1.23 we see the chances in favor of the bulls.
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