'Forecasts are there to be beaten': Sterling spikes as Hammond delivers upbeat outlook in Spring Statement

Up 0.46% against the US dollar

Sterling was on the rise in afternoon trading following a a series of optimistic forecasts for the UK economy from Chancellor of the Exchequer Philip Hammond in his first Spring Statement.

Hammond revealed the Office for Budget Responsibility (OBR) had raised GDP growth expectations for 2018 to 1.5%, up from 1.4% it predicted in November, leading to sterling gaining 0.46% against the dollar to $1.396 and 0.18% against the euro to €1.128. Conversely, the FTSE 100 is down 0.4% to 7,185 points while the FTSE 250 was down 0.6% to 19,996 points. Amundi: Sterling could fall below €1 after Brexit completion Hammond, who said he was "positively Tigger-like" as he delivered his speech, as he also rejected the Labour party's "doom and gloom" attitude and remained positive on t...