EUR/GBP, GBP/USD flows - sterling unruffled by Budget so far, if waiting on the figures...

Sterling pretty unruffled, so far at least, as the Budget speech continues. Most of the details so far are broadly as indicated, although the market will dig into the actual concrete numbers as they get released. 

Fiscal rules remain met, albeit with some of the ‘headway’ used up as a 'contingency' and so with less safety margin to any underperformance – very much as flagged in advance, if yet to see what that means in practice. Also as hinted, the main tax tweaks are the bank surcharge, also with some adjustments on non-labour income other than dividends, with the ISA on the flip side kept at existing limits.

All pretty much as expected and nothing looking too daring in the current environment – although the report itself will need to be checked for any unspoken moves (more common these days) or divergences in the actual figures.