Forecast: UK Treasury to release budget preview

ForexNewsNow | Published on November 29, 2010 at 3:32 am

UK currency marketNEW YORK (Forex News Now) – HM Treasurer is set to release it annual preview for the government’s budget for the coming year, as part of its annual Autumn statement Monday.

The document provides an updated economic outlook and previews the budget, including projected spending and income levels and financial targets.

The report is scheduled to be released at 3:30 P.M., GMT on Monday; as such, it is likely to have an impact on late afternoon currency market trading.

The projections are considered important by FX traders because they are an indicator of the UK’s fiscal standing and can affect its credit rating.

Sterling was trading at 1.5616 against the dollar at 8:30 A.M., GMT on Monday, up 0.16% on the day.

According to GBP/USD analysis, it would trade within a range of 1.5552 and 1.6000 for the day.

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