Wednesday 27/11/2024
Daily Update 27/11/2024
Key Headline:
- JPY Strengthens: Driven by increased speculation of a potential rate hike.
- Month-End Activity Anticipated: Possible positioning adjustments ahead of the upcoming US holidays.
Yesterday Recap
JPY emerged as the strongest performer in yesterday’s trading, while GBP weakened across the G10. This came after BoE Chief Economist Huw Pill indicated that recent budget measures would have minimal effects on inflation and employment, prompting markets to extend expectations for a 75-bps rate-cut path into 2025.
Meanwhile, the Fed minutes released last night provided little new insight, reaffirming officials' preference for a gradual approach to rate cuts, leaving the USD unchanged.
Today’s Rates
Today's Interbank Rates at 09:51 am against GBP movement.
GBP>EUR – 1.1987
GBP>USD – 1.2602
EUR>GBP – 0.8342
EUR>USD – 1.0515
GBP>CAD – 1.7704
GBP>AUD – 1.9434
GBP>SEK – 13.797
GBP>AED – 4.6288
GBP>HKD – 9.8070
GBP>ZAR – 22.810
GBP>CHF – 1.1125
GBP>PLN – 5.1648
Today’s Key Takeaways
- JPY Strengthens: Market expectations for a December rate hike drive early gains for the yen.
- EUR Boosted: ECB's Isabel Schnabel warns against excessive rate cuts, supporting the euro.
- Month-End Positioning: With Thanksgiving tomorrow, many US traders are treating today as the effective month-end.
- Key US Data Focus: A weaker-than-expected core PCE figure today could prompt profit-taking on USD long positions, potentially lifting GBP/USD and EUR/USD.
27th November 2024
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