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Yesterday (May 24th), forex trading saw sterling rise against the euro and Mark Bolsom, head of the UK trading desk at Travelex Global Business Payments, said markets were reassured by the Chancellor's move.
Mr Osborne revealed £6.2 billion of savings to be made during 2010-11, including making the civil service more efficient through a recruitment freeze.
Savings in IT spending is expected to recoup £95 million, while £600 million will be cut from the expense of quangos.
Commenting on the announcement, Mr Bolsom said: "They are a step in the right direction and this has supported sterling."
He added the markets will now wait and see what the Chancellor delivers during his emergency Budget on June 22nd, which in turn could see forex trading react depending on what plans he lays out.
Posted by Greg Secker
