A relatively quiet day in the currency markets as US CPI data came in slightly better than expected which saw the Dollar strengthen. In the meantime, we had the budget report from Chancellor George Osbourne. The main features were the 40p tax rate threshold will rise to £45,000 next year taking more than a million people out of the higher rate. Mr Osborne also revealed the personal allowance would rise to £11,500, handing a tax cut to 31 million people. In other major announcements, Mr Osborne also announced freezing duty on fuel, beer and cider.
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Focus this evening turns to the FOMC minutes where markets are listening out for any hints regarding future rate hikes from the FED.
Latest FX news by Michael Hart