Jobs vs politics: GBPUSD caught in crossfire Two major stories are developing on either side of the Atlantic.
ADP reported a 33 k fall in June private payrolls (consensus +95 k). It is the third straight miss and sets the tone for Thursday’s early Non-Farm Payroll (NFP) release, brought forward because of the 4 July holiday.
In the UK, s
Key data points
Last release
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Observation period
May 2025
Next release
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Forecast
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Highest
2.87 T GBP on May 31, 2025
Lowest
52.10 B GBP on Mar 31, 1975
About United Kingdom Government Debt
In the United Kingdom, public sector net debt excluding public sector banks (PSND ex) represents the amount of money the public sector owes to private sector organisations including overseas institutions, largely as a result of issuing gilts and Treasury Bills, minus the amount of cash and other short-term assets it holds. Public sector net debt (PSND) is often referred to by commentators as “the national debt”.