Friday 06/12/2024
Daily Update 06/12/2024
Key Headlines:
- Focus on Nonfarm Payrolls: A robust jobs report is essential to bolster the USD.
- Marine Le Pen's Optimism: Confident the budget can be finalised within weeks.
Yesterday Recap
The USD extended its decline ahead of today’s employment data, pushing GBPUSD to a three-week high and bringing EURUSD close to a key resistance level.
In France, Marine Le Pen expressed she feels that a budget could be delivered within “a matter of weeks” if the new Prime Minister takes a more gradual approach to deficit reduction. The EUR maintained its steady upward momentum.
Today’s Rates
Today's Interbank Rates at 09:21 am against GBP movement.
GBP>EUR – 1.2064
GBP>USD – 1.2761
EUR>GBP – 0.8288
EUR>USD – 1.0578
GBP>CAD – 1.7916
GBP>AUD – 1.9853
GBP>SEK – 13.845
GBP>AED – 4.6867
GBP>HKD – 9.9290
GBP>ZAR – 22.994
GBP>CHF – 1.1217
GBP>PLN – 5.1441
Today’s Key Takeaways
- USD Under Pressure: The dollar has been steadily correcting this week, as data and Fed remarks strengthen expectations for a 25bps rate cut on December 18th.
- Jobs Data in Focus: Markets expect 215,000 new jobs, but a figure above 300,000 would be needed to significantly boost the USD.
- GBPUSD and EURUSD Outlook: Both pairs could climb higher by the end of the day as the Trump-led USD rally continues to correct.
- Opportunity for USD Buyers: The ongoing retracement offers a favourable window for those looking to purchase USD.
06th December 2024
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