* Morgan Stanley results disappoint, cuts dividend.
* UK Budget – Optimistic growth forecasts contradicted by IMF. Top rate tax reaches 50%
Another relatively quiet day on the Foreign Exchanges followed a similar pattern to yesterday. Early bad banking results saw Stocks hit their lows for the day. This was followed by a relentless grind higher which propelled Eur/Usd back above 1.3000. Cable was a big loser on the day as the deteriorating government finances were highlighted in the figures and the UK budget.
