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This morning, the pound sterling continues to remain near its maximum value. However, it did not manage to overcome it and go further. Market participants are waiting for further decisions from the government regarding the growing expenditures on the infrastructure of the state.
The pound continues to hold maximum defense against the greenback. Its value has risen in relation to the euro. All this became an echo of the general trend, which reflects the interest of market participants in risky assets. The pound was no exception, especially since it was supported by the expectation of a detailed action plan for further monetary policy, which was supposed to be presented by the UK government.
Investors are waiting for the chancellor's speech tomorrow, while it should address the issue of expanding the government spending program. Prior to this, the country's prime minister has already said that the authorities want to spend an additional 5 billion investment specifically on infrastructure development.
Rishi Sunak announced payments in the amount of 500 pounds or 624 dollars, one of which will be made per adult, the other 250 pounds per child. It is assumed that the money will be spent and support exactly the sector of the economy that really needs it. It is precisely on these indirect investments that the UK government is betting.
The previous course of Boris Johnson was recognized as not too effective and insufficient. Investors are tuned in to the financing proposed by the chancellor, as it will be evidence of greater generosity from the state, and this in turn will support the national currency.
The value of the pound this morning has slightly decreased in relation to the dollar. Its new level is in the range of 1.2475 dollars per pound. At the same time, it is very close to its maximum value of 1.2568 dollars per pound.
Meanwhile, in relation to the euro, the pound sterling, on the contrary, grew a little by 0.1% and began to consolidate in the region of 90.49 pence.
However, not all market participants share a positive view on the future growth prospects of the pound. So, there are those who behave in restraint reminding everyone of the unresolved issue of a trade agreement between the UK and the EU. Recall that the negotiation process on Brexit continues to this day and is quite difficult. So far no clear decisions have been made. This factor is a significant constraint on the growth of the pound, and the fact that it is not being recouped by investors now does not mean that they have forgotten about it forever.
This caution of market participants was visible at the moment when the currency was trying to cope with a height of 1.25 dollars, which was a long and stressful one.
So this time, the pound will most likely not be able to take a new height with ease. Everything will largely depend on the mood of the greenback, which plays a decisive role in this pair.
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