Key Headlines

•            Apple results lift the mood in markets

•            Job numbers to dictate USD moves

Recap

GBP continued to drop across the board yesterday despite no major news or data in the markets. USD traded within a tight range over the course of the afternoon, but following positive results from Apple last night, we saw a rise in equity futures which has resulted in weakness in USD ahead of today's job numbers.

Today’s Overview

Following on from the Fed meeting on Wednesday, today's job numbers will be closely scrutinised on whether the data supports the idea that we could see a Fed rate hike this year. Should that be the case then this could well be the start of the 15-year seasonal trend where USD tends to outperform during the month of May. Should the numbers show some loosening in the job market, then we could see further moves beyond resistance levels on GBPUSD and EURUSD. Markets are expecting 240,000 job additions in April, down from 303,000 in March.

Equals Market Analysis– 3^rd  May 2024

Today’s Rates

Today's Interbank Rates at 09:30 am against GBP movement.

GBP>EUR – 1.1689

GBP>USD – 1.2557

EUR>USD – 1.0741

GBP>CAD – 1.7166

GBP>AUD – 1.9093

GBP>SEK – 13.628

GBP>AED – 4.6121

GBP>HKD – 9.8170

GBP>ZAR – 23.321

GBP>CHF – 1.1401

GBP>PLN – 5.0657

Speeches

•          None today.

(https://frank-exchange.com/)

This document has been prepared solely for information and is not intended as an Inducement concerning the purchase or sale of any financial instrument. By its nature market analysis represents the personal view of the author and no warranty can be, or is, offered as to the accuracy of any such analysis, or that predictions provided in any such analysis will prove to be correct. Should you rely on any analysis, information, or report provided as part of the Service it does so entirely at its own risk, and Frank eXchange Limited accepts no responsibility or liability for any loss or damage you may suffer as a result. Information and opinions have been obtained from sources believed to be reliable, but no representation is made as to their accuracy. No copy of this document can be taken without prior written permission.