{"id":3076,"date":"2017-03-09T04:12:37","date_gmt":"2017-03-09T04:12:37","guid":{"rendered":"http:\/\/arabicfxadvisors.com\/english\/?p=3076"},"modified":"2017-03-09T04:12:37","modified_gmt":"2017-03-09T04:12:37","slug":"pound-drops-gilts-hammond-budget-u-k-issuance-plans-8-march-2017","status":"publish","type":"post","link":"https:\/\/arabicfxadvisors.com\/english\/pound-drops-gilts-hammond-budget-u-k-issuance-plans-8-march-2017\/","title":{"rendered":"Pound Drops With Gilts After Hammond Budget, U.K. Issuance Plans &#8211; 8 March, 2017"},"content":{"rendered":"<p>The pound stayed lower against the dollar and gilts extended their losses after U.K. Chancellor of the Exchequer Philip Hammond presented his first budget as Britain prepares to exit the European Union.<\/p>\n<p>The gilt curve steepened after the Debt Management Office said long-dated sales for the 2017-18 fiscal year will be slightly above economists\u2019 expectations. That came as the DMO said it would sell 115.1 billion pounds ($140 billion) of gilts in the year starting April, the lowest since the financial crisis but still above the 109.7 billion-pound median prediction in a Bloomberg survey of primary dealers.<\/p>\n<p>The U.K. budget failed to offer support for the pound, which fell to a seven-week low earlier Wednesday and remains 2017\u2019s worst-performing major currency. Sterling and gilts were also dragged lower\u00a0after a private report showed U.S. companies added the most workers in almost three years in February.<\/p>\n<ul>\n<li>While the Office for Budget Responsibility\u2019s 2017 growth forecast was revised up to 2 percent from the 1.4 percent predicted in November, it was still below the 2.2 percent forecast a year ago before Britain voted to quit the bloc. The institution reduced its growth forecasts for 2018 and beyond<\/li>\n<li>\u201cThe Chancellor has lived up to his reputation for fiscal conservatism and is pressing ahead with a tough fiscal tightening in order to create scope to loosen policy if the economy struggles after Brexit,\u201d Samuel Tombs, chief U.K. economist at Pantheon Macroeconomics, wrote in a note\n<ul>\n<li>The OBR \u201cis making no provision for any severance payment that the U.K. might need to make upon leaving the EU. As a result, the Chancellor\u2019s \u201cfiscal headroom\u201d likely will turn out to be much smaller than he envisages currently\u201d<\/li>\n<\/ul>\n<\/li>\n<li>The U.K.\u2019s Brexit process was further complicated this week after Prime Minister Theresa May lost a second vote in the House of Lords over the conditions to her draft bill, setting the stage for likely tussles before Article 50 can be invoked.<\/li>\n<li>GBP\/USD falls 0.3% to 1.2165 after a 0.7% decline during the past two sessions. The pair touched a fresh seven-week low of 1.2139 earlier<\/li>\n<li>U.K. 10-year gilt yield climbs 4bps to 1.23%, five-year yields rise 2bps to 0.60%<\/li>\n<li>The U.K. will sell GBP23.3b at long gilt auctions as well as GBP9b in long-dated gilt syndications; adds up to GBP32.3b (vs median estimate of 31.9b in Bloomberg survey)<\/li>\n<\/ul>\n<p>Source: Bloomberg<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pound stayed lower against the dollar and gilts extended their losses after U.K. Chancellor&#8230;<\/p>\n","protected":false},"author":2,"featured_media":1398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[373],"tags":[],"class_list":["post-3076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pound Drops With Gilts After Hammond Budget, U.K. Issuance Plans - 8 March, 2017 -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/arabicfxadvisors.com\/english\/pound-drops-gilts-hammond-budget-u-k-issuance-plans-8-march-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pound Drops With Gilts After Hammond Budget, U.K. Issuance Plans - 8 March, 2017 -\" \/>\n<meta property=\"og:description\" content=\"The pound stayed lower against the dollar and gilts extended their losses after U.K. Chancellor...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/arabicfxadvisors.com\/english\/pound-drops-gilts-hammond-budget-u-k-issuance-plans-8-march-2017\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-09T04:12:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/arabicfxadvisors.com\/english\/wp-content\/uploads\/2016\/01\/gb1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"588\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Fx Advisor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fx Advisor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/arabicfxadvisors.com\/english\/pound-drops-gilts-hammond-budget-u-k-issuance-plans-8-march-2017\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/arabicfxadvisors.com\/english\/pound-drops-gilts-hammond-budget-u-k-issuance-plans-8-march-2017\/\"},\"author\":{\"name\":\"Fx Advisor\",\"@id\":\"https:\/\/arabicfxadvisors.com\/english\/#\/schema\/person\/86a15b1444dc3cf22d3943734b86607d\"},\"headline\":\"Pound Drops With Gilts After Hammond Budget, U.K. Issuance Plans &#8211; 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