GBP seeks to rise. Overview for 12.03.2024

The British pound sterling, paired with the US dollar, is in the positive again. The current GBPUSD exchange rate stands at 1.2820.

The details of the recently announced UK state budget have not brought any surprises, as the market was well-prepared for them. The measures concerning budget expenditure items aim to attract voters to the parliamentary elections, which may occur in Q4 2024.

Today is a significant day for GBP. The UK will present labour market data covering January and February. The unemployment rate in January may remain at 3.8%. The number of jobless claims in February may have increased by 20.3 thousand compared to the previous figure of 14.1 thousand. The number of jobs in the economy in November-January may have risen by 10.0 thousand after skyrocketing by 72.0 thousand earlier.

With such a spectrum of data and expectations, the British pound could move within a wide range.