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Sputnik International
At the time of writing the pair are currently trading at around AU$1.7881.
Pound (GBP) Supported by Extended UK Furlough Scheme
The Pound found itself supported this morning after the announcement of an extension of the furlough scheme in the UK until September, as investors await the UK budget this afternoon.
Announcing the support, Chancellor Rishi Sunak said:
‘There s now light at the end of the tunnel with a roadmap for reopening, so it s only right that we continue to help business and individuals through the challenging months ahead - and beyond.’
The Pound was further supported by the IHS Markit UK Services PMI for February.
SEISS grants have been a lifeline for millions during the coronavirus pandemic, and today, Chancellor of the Exchequer Rishi Sunak has announced an extension to the scheme, meaning there will now be a 5th grant.
British Pound Forecast: Digesting Gains Around Spring Budget - Levels for GBP/JPY, GBP/USD, EUR/GBP Advertisement
British Pound Outlook:
After a strong run higher, the British Pound may be due for a period of pullback, if not consolidation, before further gains. But longer-term technical studies suggest more strength for Sterling.
Reaction to the UK Spring Budget was muted among the major GBP-crosses, not a surprise given that the contents of the budget are known ahead of the official parliamentary unveiling.
The latest shifts in retail trader positioning suggest different biases among the major GBP-crosses.
UK Spring Budget a Reason to Pause
The US and to some extent global bond market rout over recent weeks has caused particular pain to crowded growth/momentum stocks. US 10 year Treasury .