U.K. budget deficit seems to have narrowed in October

The U.K. budget deficit data for October is due to be released tomorrow, the day before the Autumn Statement. According to a Societe Generale research report, the PSNBex measure is expected to have dropped to GBP 6 billion in October from GBP 10.6 billion in September. This is likely to show a decline of below GBP 500 million from a year earlier.

This is also expected to highlight the lack of progress made towards reaching the existing plan to lower the deficit by GBP 20.5 billion in the full fiscal year, noted Societe Generale. The reduction has been just GBP 2.3 billion half way through the year as compared with the same period last year.

The GBP/USD pair was trading at around 1.2340 at 11:23 GMT. Meanwhile, at 11:00 GMT, the FxWirePro's Hourly Strength Index of British Pound was slightly bearish at -69.0629, while, the FxWirePro's Hourly Strength Index of USD was slightly bullish at 67.191. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex