Pound Volatile Before Public Finance Data

The pound rebounded against the dollar during the early morning session ahead of the Public finance report today at 9:30. The PSNB excluding Financial Interventions gauge is expected to have narrowed to 6.5 billion in October, after reaching 14.1 billion in the previous month.  It looks like the government is on the track to achieve its fiscal target of 122 billion pounds for the current fiscal year, although it is expected to have some corrections in the second half of the year from the deteriorating economic outlook. Separately, MPC member David Miles speaks at the Northern Housing Consortium in York today, one day before Bank of England announces minutes from its November meeting.

Euro gained against the pound during the overnight trade, ahead of the Euro-zone Consumer Confidence report that is expected to drop to a two year low. The gauge is projected to have dropped to –21 in November, the weakest reading since August 2009. Regardless, the single region currency is likely to remain under pressure on medium term as region’s sovereign debt crisis continues to pressure the investors around the globe to sell the currency.  

The dollar remained strong against its major rivals after rating agencies affirmed US credit rating. Moody’s affirmed the Aaa credit rating of the world largest economy, but maintained its negative outlook. Fitch Ratings said that the budget talks breakdown would likely lead to a revision of the US rating outlook to negative. The US Congress budget super committee failed to reach the agreement on reducing the budget deficit, getting closer to the November 23 deadline. Looking ahead to today Federal Reserve releases minutes of its November meeting.

 

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