Market News
Pound steady as markets await Britain's budget - REUTERS
LONDON, Nov 24 (Reuters) - The pound held steady against the dollar on Monday, with investors cautious about the currency ahead of Britain's budget announcement this week.
Finance Minister Rachel Reeves will announce her long-awaited budget on Wednesday, seeking to reassure investors that the government can be trusted to be fiscally prudent while honouring pre-election promises not to raise taxes on working people.
Sterling last traded at $1.3095 , flat on the day after losing 0.5% last week.
"The potential downside risks for the UK economy related to the budget are going to keep all eyes on sterling. So that's our real focus," said Nick Rees, head of macro research at Monex Europe.
He said the focus would be not only on the announcement itself but on the overall forecast for the economy, which would likely trigger a reaction in the pound.
