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UK borrows more than forecast in October- GBP/USD unmoved so far
The latest UK government borrowing data has just been released and it was not great news. The markets were forecasting borrowing of net borrowing of £12.9 billion in October. It was actually a net deficit of £17.4 billion. In fact all aspects of the report showed a significant increase in the amount of money required, but so far the Pound has not reacted that much to the data. However, it is certainly not higher after this release and in truth neither should it be quite honestly. This is not great news for a new government that has pledged to balance the books, but yet appears to be borrowing more. The GBP/USD is currently trading at 1.2649
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