Sterling extended its decline against the US Dollar for a fourth straight session on Wednesday as markets waited for two high-profile events later in the day: the UK budget and the US Federal Reserve’s monetary policy decision. GBP/USD dropped to a fresh two-week low of 1.3275 before recovering to about 1.3295, and it was trading around 1.3290 during Asian hours.
UK Budget in Focus
In the UK, attention was on the first budget of Prime Minister Andy Burnham’s cabinet, due to be delivered by Finance Minister John Healey. The focus is on how the government plans to fund recently announced tax exemptions aimed at easing the cost-of-living strain, while also addressing demands for measures to support businesses.
