Friday 01/11/2024

John Hall • November 1, 2024

Daily Update 01/11/2024

Key Headlines:


·        Will GBP continue its decline?

·        Attention on U.S. job data


Recap


The GBP/USD fell to a two-month low, while GBP/EUR hit its lowest in a month.


UK assets fell yesterday amid market concerns about Rachel Reeves's budget, which is viewed as potentially inflationary. Gilt yields rose as markets scaled back expectations for Bank of England rate cuts in the coming year. Although fewer rate cuts would usually support GBP, investors are selling off UK assets, including the pound, due to perceived risks of high borrowing.


Today’s Rates

Today's Interbank Rates at 11:04 am against GBP movement.

GBP>EUR – 1.1885

GBP>USD – 1.2911

EUR>GBP – 0.8412

EUR>USD – 1.0861

GBP>CAD – 1.7988

GBP>AUD – 1.9667

GBP>SEK – 13.818

GBP>AED – 4.7415

GBP>HKD – 10.042

GBP>ZAR – 22.775

GBP>CHF – 1.1198

GBP>PLN – 5.1998
 

Today’s Overview


This morning, gilts opened lower, signalling limited support for GBP following Wednesday’s budget. Focus now turns to U.S. job data, where adverse October weather conditions are expected to have limited job growth to just 101,000 positions. Consequently, hourly earnings figures may take on added importance. With elections approaching, the USD response is expected to remain muted unless job numbers significantly surpass expectations.


‍ 1st November 2024

 

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