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CABLE: GBP/USD took a hit Wednesday as the BoE cut the bank rate by 50bp,
bringing it to 0.25%, implemented a new term-funding scheme aimed at SMEs &
reduced the counter-cyclical capital buffer rate to 0% from 1%. These
inter-meeting moves were announced in the lead-up to Cll'r Sunak's appearance in
parliament to deliver the 2020 Budget. Cable promptly faded the reaction drop &
printed fresh intraday highs at $1.2977, but failed to sustain its recovery and
sold off again in U.S. hours, finishing in negative territory.
- The Budget was scrutinised for the magnitude and characteristics of UK gov't's
response to the coronavirus crisis. Cll'r Sunak proposed one of the largest
stimulus packages globally, with GBP30bln in spending plans aimed at countering
any virus-inspired economic slowdown
- Cable last deals at $1.2816, barely changed on the day. A drop below the Feb
28 low of $1.2726 would expose the 200-DMA, intersecting at $1.2711. Bulls look
to the 100-DMA/50-DMA/psychological resistance at $1.2993-1.3000.
- PM Johnson has called a meeting of the UK's emergency committee for Thursday
to decide whether to tighten controls aimed at slowing the spread of Covid-19.