ENERGY: Latest Trump Comments Positive On Trade Deals, Russia Ukraine

• Sterling remains moderately offered as Chancellor Reeves speaks, prompting GBPUSD to slip back below 1.29 and hover just above session lows of 1.2884, and firm support at 1.2869, the 20-day EMA.
• The sharp reversal higher for gilt yields offering little support to the pound so far, and a sustained clearance of this level would signal scope for a deeper retracement towards the 50-day EMA, at 1.2731. The intra-day highs of 1.2949 provides short-term resistance.

OBR estimates the planning reforms will permanently increase GDP by 0.2% 2029/30 and 0.4% of GDP in 10-years. Reeves says this is the largest growth boost from a single policy in the OBR's history.

• She says all Labour policies will boost growth by 0.6% of GDP in 10-years.

A reminder that the key support level in futures lies at the Mar 6 low and bear trigger (90.71), which is 4 ticks below session lows.