The Great Britain pound slipped today versus the euro to the lowest level since May after the report showed that Britain budget deficit widened in August more than expected, increasing the possibility of further budget spending cuts. The sterling rose against the US dollar.
The UK public sector net borrowing was £15.9 billion in August, compared to the borrowing of £14.1 billion in a year ago. The current budget posted the deficit of £13.3 billion in August, while in the previous year in the same period the deficit was £11.0 billion. The analysts say that the pound may fall further versus the euro.
GBP/USD rose from 1.5620 to 1.5674 today as of 10:23 GMT, following the advance to 1.5713. EUR/GBP reached today 0.8541, the highest level since May 28th, after it dropped to the intraday low of 0.8461.
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