UK Public Sector Net Borrowing (PSNB) has come in worse than expected at -3.3B Vs -6.9B forecast. This accompanied better than expected Prelim M4 Money Supply which was +2.5% Vs +1.2% forecast.
The worse than expected PSNB number has been put down to lower tax receipts as the UK Economy slips into the grips of depression.
It appears as though the buying in the 1.4370/00 region is almost complete but i am still looking for a move to 1.4450 in the Cable tonight. EUR/USD sits just off its highs at the 1.2665 level. The big mover continues to be the EUR/CHF which has now broken above 1.4900. 1.5000 here we come.
