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GBP Wobbles, With Dire Public Finances Data Accelerating the Pullback

FOREX
  • GBP was among the poorest performers in G10 Wednesday, with the currency retracing and pulling back on several strong weeks of constructive price action. EUR/GBP printed a new December high at 0.8780, opening gains toward the next key resistance level at November's 0.8829. Weakness across GBP was aided by a poor set of public sector net borrowing figures, which disclosed the largest November borrowing figure on record, as debt servicing costs shot higher, and far beyond analyst forecast.
  • A modest uptick in core inflation for Canada left little impact on the CAD, which traded generally stronger against most others. The monthly run rates for CPI support the takeaway of a report that isn’t wildly stronger than expected but does question the pace of prior moderation. The release was shortly followed by commentary from BoC's Macklem, who claimed that the top for inflation is in. USD/CAD traded inside a relatively tight range, with C$1.3580 marking initial support.
  • Following Tuesday's broad strength, JPY pulled back slightly Wednesday, but retains the bulk of the post-BoJ rally. The recovery has been relatively gradual, with volumes across futures markets remaining low ahead of the holiday period. Alongside the US open, less than half the futures notional had traded relative to the same time on Tuesday.
  • Focus Thursday turns to final Q3 GDP data from the US and UK, as well as PCE figures, which may take more focus in the event of any revisions. There remains little central bank speak to flag, with no scheduled commentary due.
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