The British pound fell, on short-time frames, against the dollar after a report showing that U.K. budget deficit widened in February and Posen and Miles continued their push for further stimulus.
However, the sterling remained firm on the daily basis before Chancellor of the Exchequer announces his annual budget at 12:30 p.m. in London today.
A report released from the U.K. showed that net borrowing excluding support for banks reached 15.2 billion pounds compared with 8.9 billion pounds a year ago.
On the other hand, BoE minutes for March's monetary decision showed that MPC members voted unanimously (0-9) to keeping interest rate unchanged at 0.50% while they split (7-2) over the size of APF, where the majority opted to leave stimulus steady at 325 billion pounds while Posen and Miles insisted on boosting non-standard measures further.
U.K. Chancellor of the Exchequer will announce his annual budget later in the day amid expectations there may be a cut in top income tax rate on earners over £150,000 from 50p to 40p.
The GBP/USD pair is currently trading around 1.5903 after recording a high of 1.5906 and a low of 1.5853, where the trading range for today is among key support at 1.5640 and key resistance at 1.6075.
On the flip side, the U.S. dollar is showing decline against a basket of major currencies, where the dollar index is currently hovering around 79.38 compared with the day's opening at 79.62, where it has a solid support around 79.30 which represents SMA 200 level.
Against the yen, the greenback is meanwhile traded near the day's opening around to 83.73 after recording a high of 83.79 and a low of 83.51.
The trading range for today is among key support at 82.00 and key resistance now at 85.00.
Moreover, the euro managed to rebound against the dollar on hopes Greece is showing progress after the Greek Parliament had approved a second bailout with 213 lawmakers for and 79 against in the 300-member chamber.
Yet, there are still some concerns as providing Greece with an aid package is the beginning point to solving debt crisis and not the end. Ben Bernanke, Fed's Chairman, said although pressure from debt crisis had eased causing improvement in financial markets worldwide, the old continent has to strengthen its financial institutions, referring that the economic situation is in an embracing phase.
The EUR/USD pair is currently is currently around 1.3265, after touching the day's high at 1.3282 while the low was recorded at 1.3222.
The trading range for today is among key support at 1.3025 and key resistance at 1.3460.