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GBP/USD slips after UK borrowing surges last month
The December UK Government borrowing data has just been released and it was not great. Official UK borrowing surged last month. Net Public sector borrowing jumped to 17.8 billion Pounds from the expected 14.2 billion rise and the previous requirement was revised higher to 11.8 billion. The other data in all this also surged. Public sector net cash requirement rose to 19.4 billion from 16.3 billion. This news will not be welcomed by the UK bond markets and will likely add some fresh pressure on yields. That said, you might expect higher UK yields to lift the Pound? Well, not immediately that is for sure. The GBP/USD has slipped a little further following this news. The GBP/USD is right now at 1.2315
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