For the British pound sterling, this week has been about risk appetite and aversion in investing. There has been a lot of confusion caused by the mixed and seemingly contradictory economic data being announced. While GDP was slightly higher for the first quarter, retail sales continue to do poorly with May retail sales doing much worse than expected.
An issue that is on the minds of many people is the growing government debt. However, the market is unwilling to sacrifice economic growth in order to make significant progress in eliminating the debt. This places the British government in a tight spot in which they have to cut the government debt while maintaining the growth in the economy. In an attempt to eliminate some of the growing debt, the British government announced that it would be making cuts adding up to 6.2 billion pounds at the beginning of the week….>>>
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