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UK’s OBR trims inflation and GDP forecasts

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    UK Office for Budget Responsibility (OBR) sharply lowered its growth forecast for the UK economy, sending Pound to near two-week lows against the USD.

    OBR now sees GDP growth in 2016 at 2% from November’s 2.4%, and 2.2% 2017 from the previous 2.5%.

    Inflation forecasts were trimmed as well. 2016 CPI forecast now stands at +0.7% vs. +1.0% forecast in November. 2017 CPI is seen at +1.6% vs. +1.8% in November.

    Meanwhile, UK Gilts rallied after George Osborne revised down borrowing forecasts for this year and said the government is on track to achieve a budget surplus by 2020.
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