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Sterling dives to 8-month low as public deficit deepens.

News Date: 22/12/2015 09:30:30
Update Date: 22/12/2015 10:11:33

The British Government borrowed a heavy 14.2 billion pounds in November, 1.3 billion more than November last year, and widely missing the forecasts of an 11.8 billion deficit, which raised worries about fiscal discipline and cast a pall over deficit-reduction efforts. Sterling slumped to an eight-month low against the dollar at 1.4869, losing 0.13% for day. It hit another eight-month low against the yen at 179.84, down 0.31%. Sterling tumbled to a two-month trough against the euro at 0.7370, down 0.53% for the day.


European shares inched up on Tuesday; with the pan-European index FTSEuro rising 0.17% to 1,404. Britain's commodity-heavy index FTSE outperformed, jumping 44 points, or 0.76% to 6,079, as an earlier recovery for oil prices pushed energy companies up. Germany's DAX edged up 0.23%; France's CAC gained a similar percentage.


U.S. third quarter GDP growth was revised down to an annualized 2.0%, from the preliminary estimate of 2.1%. House Price Index rose 0.5% m/m in October, a shade higher than expectations but lower than September's 0.8% rise. The dollar's index, which measures the greenback's performance against a basket of its major rivals, traded at a week-low at 98.23, down 0.21%. Dollar lost 0.32% against the euro to 1.0949. It gave up 0.12% against the yen to 121.05.


Oil prices relinquished their earlier gains, with Brent futures sliding 20 cents, or 0.56% to $36.14 a barrel. U.S. West Texas Intermediary (WTI) crude futures lost three cents, or 0.08% to $35.78 per barrel.


Gold futures stayed weak for the day, down by five dollars, or 0.46% to $1,075.20 an ounce. Silver futures slipped 2 cents, or 0.14% to $14.29 an ounce. Copper prices dove 0.90% to $2.121 a pound.   


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