Pound tumbles to 7-week lows against euro and dollar amid 2017 Budget
THE pound has tumbled further against the euro and dollar, after the Philip Hammond's UK 2017 Budget continued to put pressure on Britain's exchange rate.
Financial strategist expects pound to tumble after Budget
Sterling fell 0.4 per cent against Europe's single currency to €1.1502 - its lowest level since January - and has also dropped another 0.48 per cent against the US dollar to sit at $1.2145.
The Chancellor delivered a relatively low-key 2017 Budget but markets continued to sell-off the pound on Wednesday.
Uncertainty ahead of Article 50 being triggered is taking its toll on the currency.
The pound has fallen against the euro ahead of the Budget
The pound fell against the euro ahead of the Budget
The pound tumbled against the dollar ahead of the Budget
The pound is at its lowest levels against the euro since January 2017
At the same time, higher inflation in the eurozone, has raised hopes chief of the ECB Mario Draghi could deliver an upbeat outlook for the economy on Thursday and hint at scaling back the central bank's huge money-printing programme.
This has given the euro a boost against the pound, but it's expected to stay weak ahead of Dutch and French elections.
Kathleen Brooks, research director at City Index Direct, said: "The Chancellor’s last Spring Budget has had a fairly muted impact on the markets."There were no surprises, the budget was fiscally neutral, and not even decent upgrades to this year’s growth forecast or a rosier fiscal outlook could boost the pound."