UK pound is struggling against the euro right now, heading lower following disappointing data about borrowing. However, the pound is higher against the US dollar.
An increase in public borrowing in the United Kingdom has been expected by analysts, but the figures reported for August were higher than predicted. As a result of the higher than expected expansion of UK debt level, the sterling is down against the euro. Even though news coming out of the eurozone is just as lackluster as what is seen in other areas, concerns are still against the United Kingdom.
Sterling is higher against the US dollar today. Greenback has been behaving out of character lately, and the recent news out of China isn’t prompting a higher dollar like it normally would. Instead, the US dollar is struggling against the UK pound and its other major counterparts.
Many are waiting to see when the Bank of England will raise rates, but it looks like it could be some time yet, as inflation remains well below target, and there are other concerns weighing on the UK economy.
At 14:16 GMT GBP/USD is up to 1.5248 from the open at 1.5245. EUR/GBP is up to 0.7375 from the open at 0.7338. GBP/JPY is down to 182.3220 from the open at 183.3510.
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