The shortest day of the year could well be welcomed by the Government who probably would like a short day today. Public sector net borrowing for November was the highest on record at close to £22 billion. This was well in excess of what was predicted. It was put down to inflation and energy costs.
Interestingly this didn't have a huge effect on Pound rates. There was an initial drop for Sterling versus the Euro and the Dollar but this has already eased.
Today (and certainly first thing tomorrow) sees a good bit of data out. Anyone interested in the Canadian Dollar should keep an eye on the Canadian inflation numbers out at lunch time where analysts are predicting 6.4% growth year on year. Then there's US consumer confidence out mid afternoon. Most eyes will be on the UK's GDP numbers out at breakfast tomorrow. Analysts are predicting contraction of -0.2% quarter on quarter. If that's the case that will be 2 quarters in a row of contraction and the UK will be in recession.
Business news covers the ongoing strike action with nurses in the focus today. Elon Musk is reported to be stepping down from Twitter, and the cost of living could be causing pubs to close early over the Christmas break.
Today’s Economic Calendar
CAN: 13:30 Inflation Numbers
US: 15:00 Consumer Confidence
UK: Thursday 07:00 GDP Data
As ever we look forward to keeping you in the loop and look out for our next update.
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