Public Sector Net Borrowing measures the difference in value between the spending and the income of numerous economic/governmental entities in the United Kingdom.
This news event will be released during the London session Sept. 21, 2012 at 4:30am EST.
Last month’s release showed a surplus (negative amount of -1.8B) and tomorrow morning a budget deficit of +13.2 Billion is expected to be announced.
September 20th, Sir Mervyn King, the Bank of England’s Governor projected growth in the next quarter for the UK economy. “I think the next quarter will probably be up. I think we’re beginning to see a few signs now of a slow recovery, but it will be a slow recovery.” King Said Thursday. Also in his interview, King shared, “After a banking crisis one can’t expect to get back to normal and I fear it will take a long time.”
This morning, U.K. retail sales fell, as according to Bloomberg, “the Olympics distracted shoppers and internet shopping plunged the most in almost five years.”
A Look at the GBP/USD Chart
The GBP/USD’s bearish momentum isn’t to impressive and with Thursday’s bullish news, the GBP strength could continue. I don’t have much of a Bias on the GBPUSD right now. We must take into consideration that the market is still taking in the U.S. Quantitative Easing news from last week also.
Below is the GBP/USD weekly chart:
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