Traders are piling into bets that Wednesday’s Budget will push the pound lower against the dollar, on fears that chancellor Rachel Reeves’ tax-raising measures could hurt the UK’s already-weak economic growth.
Trading volumes in put options, used to speculate on or hedge against a fall in the pound, have outstripped those of bullish call options by more than four to one over the past week, according to derivatives firm CME Group.
That rush of bets on weaker sterling is “pointing to a market that is well positioned for a challenging outcome” for the pound, said Dominic Bunning, head of G10 FX strategy at Nomura.
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