Thursday 05/12/2024
Daily Update 05/12/2024
Key Headlines:
- US Data Falls Short: ADP employment and ISM services reports came in below forecasts.
- Political Change in France: Efforts are underway to identify a new Prime Minister as political uncertainty continues.
Yesterday Recap
The USD weakened yesterday as both the ISM Services index and ADP payroll data fell short of forecasts, increasing speculation that the Federal Reserve might implement a 25bps rate cut at its December meeting.
In contrast, the GBP faced some initial pressure early in the day when Governor Bailey suggested there could be four rate cuts in the coming year. However, the pound rebounded, closing the day on a stronger note.
The AUD struggled the most, as disappointing economic growth figures for the September quarter weighed heavily on the currency.
Today’s Rates
Today's Interbank Rates at 09:50 am against GBP movement.
GBP>EUR – 1.2082
GBP>USD – 1.2719
EUR>GBP – 0.8276
EUR>USD – 1.0527
GBP>CAD – 1.7883
GBP>AUD – 1.9753
GBP>SEK – 13.909
GBP>AED – 4.6711
GBP>HKD – 9.8990
GBP>ZAR – 22.967
GBP>CHF – 1.1255
GBP>PLN – 5.1572
Today’s Key Takeaways
A relatively calm trading day is anticipated, but early signs point to a softer USD as markets lean towards a risk-on sentiment.
Meanwhile, the no-confidence vote in France has had minimal effect on the EUR so far. GBPEUR, however, continues to hover near its peak levels for 2024.
05th December 2024
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