Today saw the UK borrow £12.728 billion in October. However this was below the forecasted £15.376 billion. The borrowing was put down, in large part, to the Governments energy support scheme. As this was slightly better than expected it has actually caused a very minor weakening of the Pound as it takes a modicum of pressure off the Bank of England to support the economy.
With very little news scheduled for today other than European consumer confidence it's unlikely there will be big volatility in FX markets short of a global news story.
The Pound has been gaining nicely versus the Australian Dollar. However the rate remains well below mid term highs back in February 2022.
Tomorrow sees a bit more news scheduled with the monthly, global services and manufacturing purchasing managers indices being released.
Today’s Economic Calendar
CAN: 13:30 Retail Sales
EUR: 15:00 Consumer Confidence
NZ: Wednesday 01:00 Reserve Bank of New Zealand Interest Rate Decision
As ever we look forward to keeping you in the loop and look out for our next update.
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