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19 Jun 2015

Britain’s Budget Deficit Less Than Expected

The just released public sector borrowing figures showed that Britain’s budget deficit for May widened from April, although less than market forecasts. The deficit was the lowest reading for May since 2007. However, the Pound has continued to trade lower against the USD. There is a light calendar day in the US and Europe. Meanwhile, Euro zone leaders have asked for an emergency crisis meeting on Monday, with Greece on the verge of a bankruptcy following no breakthrough in its negotiations with its international creditors at the Euro group meeting yesterday. Meanwhile, producer prices in Europe’s largest economy held steady for May.