Pound Trades Sideways on BoE Credit Data Ahead of Budget Speech

The  British pound today traded in  a  tight range against the  US dollar on  the  latest BoE credit data even as  investors await the  autumn UK budget speech later today. The  pound’s slight rally was supported by  the  improved risk sentiment among investors, which supported the  cable and  prevented it from falling further.
The  GBP/USD currency pair today traded between a  high of  1.2853 and  a  low of  1.2805 and  was stable for  most of  the  session.
The  currency pair was in  a  consolidative range throughout the  Asian session before dipping lower in  the  early European session. The  pair rallied slightly following the  release of  the  monthly statistics on  deposits and  borrowing by  UK households and  businesses by  the  Bank of  England. The  net consumer credit for  September came in  at   £0.785 billion, which was lower than the  expected £1.2 billion. However, the  net lending secured by  dwellings was recorded at   £3.89 billion, which was higher than the  consensus estimate of   £2.9 billion. The  mortgage approvals data also came in  better than expected, hence, boosting the  cable.
The  release of  the  US personal consumption expenditure for  September by  the  Bureau of  Economic Analysis in  the  early American session drove the  pair slightly lower as  most of  the  prints were in  line with consensus estimates.
The  currency pair’s short-term performance is likely to  be affected by  the  upcoming budget speech to  be delivered by  the  Chancellor of  the  Exchequer, Philip Hammond at  15:30 GMT.
The  GBP/USD currency pair was trading at  1.2811 as  at  14:48 GMT having dropped from a  high of  1.2853. The  GBP/JPY currency pair was trading at  143.99 having rallied from a  low of  143.32.

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