UK fin min Hammond now onto the all important OBR forecasts 22 Nov

Same view as the BOE

  • 2017 GDP f/c 1/5% vs 2.0% prev
  • 2018 GDP 1.4% vs 1.6% prev
  • 2019 GDP 1.3% vs 1.7% prev
  • productivity growth revised lower

GBP unfazed by the weaker outlook so far.

  • UK 2017/18 budget deficit of £49.9bln vs 58.3bl f/c prev
  • 2018/19 budget deficit will be below 2% of GDP vs 1.95 prev f/c
  • borrowing will fall from 39bln in 2018 to lowest levels in 20 years

GBPUSD starting to wobble as I type and now testing 1.3220 support/bids as those softer OBR forecasts sink in. EURGBP up to 0.8882

The rest of it will be mostly of domestic interest and not so price-affecting