Tuesday 12/11/2024
Daily Update 12/11/2024
Key Headlines:
· USD: The "Trump trade" effect continues to influence the market.
· GBP: Wage growth remains persistent, even as unemployment edges higher.
Yesterday Recap
The euro continued its downward trend yesterday, driven by persistent concerns about the impact of possible tariffs on Europe’s economic outlook. This pressure pushed EURUSD to lows not seen since April, with the risk of potentially breaking below this year's previous low. Meanwhile, GBPEUR climbed, reaching its highest level since April 2022.
Today’s Rates
Today's Interbank Rates at 09:40 am against GBP movement.
GBP>EUR – 1.2068
GBP>USD – 1.2820
EUR>GBP – 0.8284
EUR>USD – 1.0619
GBP>CAD – 1.7888
GBP>AUD – 1.9598
GBP>SEK – 13.950
GBP>AED – 4.7072
GBP>HKD – 9.9730
GBP>ZAR – 23.194
GBP>CHF – 1.1315
GBP>PLN – 5.2623
Today’s Key Takeaways
· UK wage growth exceeded expectations, signalling that the Bank of England may be cautious about rate cuts. Consequently, the likelihood of a December rate cut has slightly decreased.
· The UK unemployment rate rose to 4.3%, which pressured GBP lower in early trading.
· Key events for the day include the release of the ZEW survey to assess European sentiment, as well as speeches from BoE Chief Economist Huw Pill and Fed Governor Christopher Waller.
· The USD remains strong this morning, driving further declines in both GBPUSD and EURUSD.
12th November 2024
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