Global macro overview for 25/11/2015:
In his live speech in the House of Commons, UK Chancellor George Osborne said he wants to create "economic and national security" for the UK. He said public debt forecast revised down to 82.5% of GDP in 2015 from 83.6% in the July forecast and confirmed that the UK will meet NATO defense spending target of 2% of GDP. Moreover, he announced controversial cuts to tax credits in major U-turn for government today. The UK economy is still faces huge challenges and the weakness of the eurozone remains a problem.
Appendix:
UK Net Debt Projections: (% of GDP)
2015/16: 82.5%
2016/17: 81.7
2017/18: 79.9%
2018/19: 77.3%
2019/20: 74.3%
2020/21: 71.3%
The GBP/USD pair has reacted positively to the Osborne speech and now is trading off the daily lows. Nevertheless, the next resistance is seen at the level of 1.5115 and the next support is seen at the level of 1.5026.
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