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GBP/USD backs down slightly as UK data reveals much higher borrowing in July
As covered here yesterday afternoon, the GBP/USD rose to set a new 2024 high, at 1.3052. However, it was unable to hold all the gains into the US close, where it later ended that session at 1.3034. So far today the Pound has been on the drift lower but not yet come close to re-testing the 1.3000 handle. The low seen so far has just been set at 1.3020. The earlier high was set at 1.3038. The latest UK government borrowing data has just been released and the markets were keen to see, if that data revealed a larger than expected increase in net government borrowing. Well, it has doubled estimates and that will not please the new UK chancellor and probably paves the way for more tax increases in October. The net government cash requirement rose to a whopping £29.6 billion in July, where $14.5 billion was forecast. That is going to make life difficult for the BOE too. There will be more to add on all that in due course. The GBP/USD is currently trading at 1.3022
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