Market insights

The UK Government borrows way less than expected in June - Market Insight 21st July 2023

There's a continuance of positive news in the UK as the Government has to borrow a lot less than the expected £27.5 billion. The £18.5 billion figure was attributed to higher tax receipts and a big drop in interest payments on existing debt. Although this didn't have a huge effect on Pound rates it's good to see two days of more optimistic results in a row. This was capped off by better than expected retail sales numbers with monthly growth of 0.7% versus the expected 0.2%. This last item could be the reason why Pound rates haven't been affected as it could be linked to another higher inflation number in the future.

Forex (FX) markets remain relatively stable today and with Canadian retail sales numbers being the only real scheduled news it may mean a global news story is required to really move things today.

Over the weekend eyes will turn to the Southern hemisphere with New Zealand and Australian data out. Late Sunday sees New Zealand import and export numbers out and early Monday sees S&P release its Australian manufacturing and services numbers.

Business headlines are focusing on the data from breakfast time with other notes centring on a general move to close non productive (to the owner) offices such as ticket stations for trains and Virgin Money is closing branches.

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Economic calendar

CAN: 13:30 Retail Sales

NZ: Sunday 23:45 Imports and Exports

AUS: Monday 00:00 S&P Manufacturing and Services PMI

As ever we look forward to looking after you and please keep an eye out for our next Insight.

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