UK Borrowing Shrinks, While Consumer Confidence Deteriorate

The Great Britain pound jumped against the US dollar today after the report showed the nation’s budget deficit shrank more than expected. The performance of the sterling against the Japanese yen wasn’t so good as the confidence of the British consumers unexpectedly worsened.
Britain’s public sector net borrowing fell to £14.1 billion in September from £15.4 billion a year ago, while market analysts anticipated a reading of £15.0 billion. The budged deficit decreased from £12.8 to £11.9 over a year.
Nationwide consumer confidence index went down to 45 in September from 48 in August, compared to the forecasters’ expectations of an increase to 50. That’s was the fourth drop in a row and now the index is just barely above the all-time low registered in February.
GBP/USD jumped from 1.5789 to 1.5958 as of 15:25 GMT today. GBP/JPY was at 121.49 after opening at 121.21, while during the day the currency pair reached the low of 120.76 and the high of 122.05.

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