The Cable has been incredibly volatile today as investors digest important employment data and the CBI’s release of Britain’s budget for the new fiscal year. The GBP/USD shot up earlier after the Claimant Count Change number came in much better than anticipated.
However, the currency pair has reversed course after Darling outlined the new budget and reduced his forecast for GDP growth. Today’s data also comes with a negative asterisk attached since the average earnings data was much worse than expected, signaling consumption could take another big hit.