• Cuts to be made will be very tough, difficult
  • Withdrawing support from economy now risks tipping it back into recession

Cable little changed from yesterdays North American close. Having found support down in the 1.4850/60 area, presently sits at 1.4895.

Retail sales data for February due at 09:30 GMT. Expected +0.6% m/m, +2.9% y/y.