What’s been happening? Chancellor Philip Hammond set out his latest spending proposals before Parliament yesterday, but markets found little reason to move in either direction following the conclusion of his speech. Amongst the positives were an additional £3 billion to spend on Brexit contingency measures, helping the economy to weather any potential negative side effects from a split from the European Union. However, the Office for Budget Responsibility (OBR) had cut growth forecasts for this year and productivity and wage projections for the coming four years. Prior to his delivery, Hammond had described the Budget as ‘balanced’, and that perfectly encapsulates the Pound’s response to it. GBP/EUR ended the day lower after a rosy performance by the Eurozone’s November consumer confidence index. The index had been forecast to improve from -1.1 to -0.8 points, but instead took markets aback by rising above 0 and into positive territory for the first time since the beginning of 2001 – a whole ten points above the long-term average. GBP/USD was able to advance thanks to the approach of meeting minutes from the Federal Open Market Committee (FOMC), covering the policy gathering that ended on 1st November. Markets were hoping for strong signals of an interest rate hike next month, but were aware that the Fed could disappoint with a more cautious outlook, leaving little demand for the US dollar. Additionally, a shock -1.2% decline in durable goods orders during October, against forecasts of 0.3% growth, also soured the mood towards USD. | 
