24th Janaury 2025
Today's Rates & Markets
· USD softens after Trump speech.
· Trump Advocates for Rate Cuts and Eases Tariff Threats on China
· EUR Strengthens as Markets Lower Rate Cut Expectations
Recap
Yesterday, Donald Trump drew the market's attention with two key statements:
1. He revealed plans to discuss interest rate cuts with Fed Chair Jerome Powell, aiming to ease the financial strain on American households.
2. In an interview with Fox News, he expressed a preference for avoiding tariffs on China, citing "good, friendly" conversations with President Xi Jinping.
As a result, the USD continues to soften.
Today’s Rates
Today's Interbank Rates at 11:45 am against GBP movement.
GBP>EUR – 1.1851
GBP>USD – 1.2428
EUR>GBP – 0.8437
EUR>USD – 1.0488
GBP>CAD – 1.7807
GBP>AUD – 1.9662
GBP>SEK – 13.572
GBP>AED – 4.5652
GBP>HKD – 9.6800
GBP>ZAR – 22.790
GBP>CHF – 1.1258
GBP>PLN – 4.9890
Today’s Key Takeaways
· The EUR is ending the week on a strong note, bolstered by better-than-expected EU and German PMI figures.
· While a 25bp rate cut is widely anticipated at next week’s ECB meeting, there are growing murmurs that resurgent inflation concerns could lead markets to scale back rate cut expectations. Additionally, an improving economic outlook may further support a reduction in rate-cut forecasts.
· UK and US PMIs are due today, but the dominant narrative remains a continued softening of the USD following Trump’s comments last night.
24th January 2025
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