EURUSD: Dipping to the lowest level against the US dollar since June 2017, keeping momentum marginally bearish. Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

EURUSD SHORT TERM TRADER: Stopped out on the dip below 1.1170.

EURUSD POSITION TAKER: Also stopped out here at the same level.

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UK government borrows the least in 17 years A mere £24.7 billion

Yesterday the Office for National Statistics published data for the tax year 2017-2018. It showed the UK government borrowed £24.7 billion, £17.2 billion less than it did last year, and a lot less than the original estimate made in November 2017 of £39.5 billion. The figure would have been slightly lower, and closer to chancellor Hammond’s spring estimate, had it not been for spending on schools and the NHS in March 2018. Total public sector debt outstanding (excluding rescued banks) is running at £1.8 trillion. Talking of which, Fast FT reports this morning that Ross McEwan, CEO of RBS, is to stand down within the next 12 months.

The Bank of Canada is the latest central bank to change its tune this year. Rather than the usual rate rise forecast that we’ve heard for years, at yesterday’s meeting said the target rate would remain at 1.75 per cent, and probably for a long time, because of a deterioration in this year’s economic outlook.

Financial Markets and Political Commentary
 

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