In Frankfurt, the European Central Bank (ECB) concluded its March policy meeting and announced its decision to keep interest rates unchanged. The ECB staff projections, however, indicated lower growth and inflation going forward, with the growth rate projected to average 0.6% for the region in 2024, and inflation 2.3%. This was below the 0.8% and 2.7% respectively of the ECB’s previous forecasts.
Across the channel in Britain, the UK’s Chancellor of the Exchequer, Jeremy Hunt, was sounding more optimistic, however. In his spring budget, presented to the House of Commons, Hunt estimated the UK economy growing by 0.8% in 2024 – stronger than the 0.7% forecast by the Office for Budget Responsibility (OBR) in November. Whilst Hunt may not be an independent source the forecast revision may still have bolstered GBP in the short-term.
The outcome appears to have been a slight depreciation of the Euro against the Pound as reflected in the EUR/GBP exchange rate.
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