Key Headlines:

• Tensions Rise Over France’s Budget Discussions
• Trump Issues Bold Tariff Threats to BRICS Nations

Yesterday Recap

This weekend’s developments signal a volatile start to the week, with the EUR under pressure and the USD gaining traction. President-elect Trump has warned BRICS nations of 100% tariffs if they proceed with creating a currency to rival the USD. Meanwhile, political turmoil in France has weighed heavily on the euro, as Finance Minister Antoine Armand pushes back against far-right leader Marine Le Pen’s 2025 budget demands. Adding to the uncertainty, Jordan Bardella of Le Pen’s party has commented his party will topple the government unless there is “a last-minute miracle” and a resolution is reached, with three no-confidence motions starting this week.

Today’s Rates

Today's Interbank Rates at 09:49 am against GBP movement.

GBP>EUR – 1.2080

GBP>USD – 1.2697

EUR>GBP – 0.8279

EUR>USD – 1.0514

GBP>CAD – 1.7819

GBP>AUD – 1.9556

GBP>SEK – 13.924

GBP>AED – 4.6639

GBP>HKD – 9.8810

GBP>ZAR – 23.023

GBP>CHF – 1.1250

GBP>PLN – 5.1857

Today’s Key Takeaways

US Jobs Week in Focus:

• JOLTS job openings data (Tuesday) expected to remain stable after September’s surprise drop.
• Friday's job report forecasted to show 200,000 new jobs, up from October's 12,000, with unemployment potentially edging higher.
• This is the final employment data before the Fed’s December 18th meeting, where interest rate decisions hang in the balance.

EUR Performance:

• The euro remains under pressure this morning as political uncertainty in France continues to weigh on the currency. Watch for potential retests of recent EUR lows.

US Data Spotlight:

• ISM manufacturing data today will offer insights into the US economy's strength and whether it supports the Fed delaying rate cuts this month.

02^nd December 2024

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