UK June public finances (PSNCR) has come in at £18.980 bln, better than the median forecast of £20.2 bln. That’s as maybe, but the budget deficit for the month is still the highest June number on record as tax receipts evaporate in the wake of the severe economic downturn.
Public sector net borrowing for June also came in better than expected, at £13.002 bln compared to a median forecast of £15.5 bln. But still horrible.
The better than expected numbers lifted cable fractionally post release, but there’s been no followthrough.
Cable sits on technical support of 1.6430. Below there next level of interest 1.6400/05. Some talk of buy orders lined up down at 1.6400/10.
