EUR/GBP treads water around 0.8830, following a rebound from a fortnight low to snap the four-day downtrend, as traders await the key UK Budget Report for fresh impulse. It should be noted that the latest catalysts from Britain haven’t been too impressive, which in turn lure the British Pound (GBP) bears as the key event looms.

That said, UK’s headline ILO Unemployment Rate reprinted 3.7% for three months to January versus 3.8% expected whereas the Claimant Count Change improved to -11.2K in February from -30.3K (revised) prior and -12.4K market forecasts. Further details suggest that the Average Earnings Including Bonus matched 5.7% analysts’ estimations for three months to January, versus upwardly revised 6.0% prior, whereas the ex-Bonus figures came in as 6.5% compared to 6.6% expected and 6.7% previous readings.

Following the UK data, the odds of the Bank of England’s (BoE) easy rate hikes, or policy pivot, gained attention. “Growth in pay in Britain - which the Bank of England is watching closely as it weighs up whether to pause its run of interest rate hikes next week - lost pace in the three months to January, official data showed on Tuesday,” said Reuters.