EUR/GBP to tick down toward 0.8525/0.8535 – ING

Economists at ING analyze the Pound Sterling (GBP) outlook after Chancellor of the Exchequer Jeremy Hunt delivered the Spring Budget.

Budget has not moved the needle

If a measure of success for Wednesday’s budget was for Chancellor Hunt not to upset the Gilt market, then it was a good budget. Indeed, bond investors seemed to take the news of a higher FY 24/25 Gilt supply remit in their stride. 

In the short term, we believe Sterling could do a little better either at the hands of a softer Euro (today) or a softer Dollar (Friday).

0.8525/0.8535 should be the direction of travel for EUR/GBP today.