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Sunday, 22 October 20:45 (GMT -05:00)



Foreign exchange market

Forex GBP/USD: Record Low Budgetary Deficit in Great Britain Makes Dollar Weaker


“The Great Britain shows improvement in the sphere of finance,” says the official report. According to analysts, this improvement is connected exclusively with economical growth and realization of austerity programs.

 

Net borrowing of the budget without loans of national banks has amounted to 9.4 bln. pounds sterling in September. In comparison to September 2014, the result has dropped by 1.6 bln. From the point of view of current financial year, the budgetary deficit has amounted to 46.3 bln. pounds sterling, which is 7.5 bln. less than during the same period last financial year.

 

 

Experts of Masterforex-V Academy suppose that budgetary deficit in the Great Britain is reducing, first of all, due to economic growth, accompanied by record growth of tax revenues from business and citizens. In September the revenue side of the budget has amounted to 47.5 bln. pounds sterling, which is 3.9% more than one year ago. Such growth has been achieved owing to increase of incomings from profit tax by 4.1% (to 11.4 bln. pounds sterling) and corporate taxes by 12.7% (to 2.5 bln. pounds sterling).

 

 

At the same time, growth of expenses was 4 times smaller, namely 1%. Despite increase of expenses, austerity programs, held by the Head of UK Treasury Osborne, are realized. Reduction of a number of authorities is expected. The legislative body has also confirmed the Governmental Statute on Budgetary Responsibility, which aims to achieve budget surplus by 2020.

 

Meanwhile, pound sterling has entered correction to mid-term up-trend. "GBP/USD currency pair is forming up-wave A/B of not less than Daily level," say experts of Masterforex-V Trading System . On 22 October 2015 the pair has formed a rising subwave b(С). The current wave will be over when pivot MF 1.5201 and lines of rising sloping channel MF are broken. Breaking a local maximum 1.5508 will continue the current wave. Major resistance is provided by pivot MF 1.5656 and descending sloping channel MF.

 

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You are free to discuss this article here:   forum for traders and investors

 

Text: Eduard Culchenko, expert of Masterforex-V Trading System
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