Wednesday 12th February
TODAY’s RATES & MARKET NEWS
Is the USD correction set to continue?
USD weakens amid tariff retaliation threats from Europe and Canada
US CPI data in focus today
Recap
USD remains weak despite Fed Chair Powell’s testimony, which reaffirmed a patient easing approach and no rush to cut interest rates.
Market expectations point to a Fed rate cut in September, with current USD weakness appearing more like a technical pullback.
EUR shows resilience as the EU vows decisive action against potential US tariffs, with Canada echoing a strong stance.
Today’s Rates
Today's Interbank Rates at 10:50 am against GBP movement.
GBP>EUR – 1.1993
GBP>USD – 1.2441
EUR>GBP – 0.8337
EUR>USD – 1.0372
GBP>CAD – 1.7802
GBP>AUD – 1.9820
GBP>SEK – 13.543
GBP>CHF – 1.1338
GBP>PLN – 5.0056
GBP>AED – 4.5689
GBP>HKD – 9.6890
GBP>ZAR – 22.930
Today’s Key Takeaways
US CPI is the key focus for USD today, with markets expecting inflation to remain elevated due to tariff risks.
A CPI miss to the downside could have a greater impact, potentially leading markets to price in an earlier Fed rate cut before September, weakening the USD.
Stronger-than-expected CPI could push yields higher, likely boosting the USD.
Risk sentiment is slightly higher today after Donald Trump hinted at progress in Russia-Ukraine peace efforts, following the release of an American teacher from Russian detention.
GBPUSD and EURUSD are extending yesterday’s gains amid the improved risk mood.
12th February 2025
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