Morgan Stanley recommends selling pound ahead of UK budget announcement
MS Morgan Stanley
$191.02 +0.44%
View chart & analysis → - 1Morgan Stanley recommended entering a short position on GBP/USD at 1.3220.
- 2The Chancellor's fiscal headroom has decreased from 24 billion pounds in March to 8 billion pounds currently.
- 3The headline deficit is projected at 3.7% of GDP next year, an expected increase of 0.7 percentage points compared to March.
So what's the key point?
Morgan Stanley suggested that it would be good to sell the British pound. This is because the country's fiscal headroom has decreased to 8 billion pounds and the deficit is expected to widen.
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