Thursday 21/11/2024
Daily Update 21/11/2024
Key Headlines:
- USD: Gains driven by safe-haven demand.
Yesterday Recap
The USD strengthened for the first time in four sessions as investors sought safe havens following Ukraine's use of UK storm shadow missiles against Russia. This droves EUR/USD to test previous support levels and erased GBP/USD’s earlier gains after stronger UK CPI data. Despite a significant rise in eurozone wage growth to 5.4% in Q3 from 3.4% in Q2, the EUR showed little reaction, with markets focused on expectations of deep ECB rate cuts to offset potential trade tariff impacts.
Today’s Rates
Today's Interbank Rates at 10:32 am against GBP movement.
GBP>EUR – 1.2006
GBP>USD – 1.2626
EUR>GBP – 0.8330
EUR>USD – 1.0521
GBP>CAD – 1.7641
GBP>AUD – 1.9389
GBP>SEK – 13.931
GBP>AED – 4.6375
GBP>HKD – 9.8280
GBP>ZAR – 22.908
GBP>CHF – 1.1158
GBP>PLN – 5.2159
Today’s Key Takeaways
Risk-Off Sentiment Dominates: Markets opened on a cautious note after Ukraine confirmed that Russia launched intercontinental ballistic missiles overnight.
USD Strengthens: The US dollar gained early in the session amid heightened risk aversion.
Focus on Geopolitics: With a light economic calendar, geopolitical developments are expected to drive FX markets today.
Key Levels to Watch: Attention remains on whether GBP/USD and EUR/USD will break below previous support levels.
21st November 2024
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