Daily Economic Outlook: 20th November, 2015

There are no major U.S. data to be published today, but Fed speakers include Bullard, Dudley and Williams. As December 'liftoff' seems to be possible, the potential indications of the pace of tightening next year and beyond would be focused.

The ECB' next policy meeting is coming ahead, markets will continue to search comments from officials on the QE programme expansion. Today, speech by ECB President Draghi and other Executive Board members, including Coeure, Praet and Constancio is expected. Chief Economist Praet hints that the negative deposit rate has had a more favourable impact than previously thought. He is suggesting for further reduction. It is less clear, however, whether the hawks on the Governing Council - such as Bundesbank President Weidmann who is also scheduled to speak today - are persuaded to back more policy stimulus.

The last set of the U.K. government borrowing figures is scheduled to release before the Chancellor's Autumn Statement on 25 November. Public sector net borrowing of the economy over the first six months of the fiscal year shows that the current run rate is behind schedule to meet the 2015/16 target. 

"For October, we look for PSNB (excluding banks) to rise £6.6bn against the market consensus forecast for £6.0bn", says Lloyds Bank.