Friday 01/11/2024
Daily Update 01/11/2024
Key Headlines:
· Will GBP continue its decline?
· Attention on U.S. job data
Recap
The GBP/USD fell to a two-month low, while GBP/EUR hit its lowest in a month.
UK assets fell yesterday amid market concerns about Rachel Reeves's budget, which is viewed as potentially inflationary. Gilt yields rose as markets scaled back expectations for Bank of England rate cuts in the coming year. Although fewer rate cuts would usually support GBP, investors are selling off UK assets, including the pound, due to perceived risks of high borrowing.
Today’s Rates
Today's Interbank Rates at 11:04 am against GBP movement.
GBP>EUR – 1.1885
GBP>USD – 1.2911
EUR>GBP – 0.8412
EUR>USD – 1.0861
GBP>CAD – 1.7988
GBP>AUD – 1.9667
GBP>SEK – 13.818
GBP>AED – 4.7415
GBP>HKD – 10.042
GBP>ZAR – 22.775
GBP>CHF – 1.1198
GBP>PLN – 5.1998
Today’s Overview
This morning, gilts opened lower, signalling limited support for GBP following Wednesday’s budget. Focus now turns to U.S. job data, where adverse October weather conditions are expected to have limited job growth to just 101,000 positions. Consequently, hourly earnings figures may take on added importance. With elections approaching, the USD response is expected to remain muted unless job numbers significantly surpass expectations.
1st November 2024
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