Friday 06/12/2024

John Hall • December 6, 2024

Daily Update 06/12/2024

Key Headlines:

  • Focus on Nonfarm Payrolls: A robust jobs report is essential to bolster the USD.
  •  Marine Le Pen's Optimism: Confident the budget can be finalised within weeks.


Yesterday Recap

The USD extended its decline ahead of today’s employment data, pushing GBPUSD to a three-week high and bringing EURUSD close to a key resistance level.


In France, Marine Le Pen expressed she feels that a budget could be delivered within “a matter of weeks” if the new Prime Minister takes a more gradual approach to deficit reduction. The EUR maintained its steady upward momentum.


Today’s Rates

Today's Interbank Rates at 09:21 am against GBP movement.

GBP>EUR – 1.2064

GBP>USD – 1.2761

EUR>GBP – 0.8288

EUR>USD – 1.0578

GBP>CAD – 1.7916

GBP>AUD – 1.9853

GBP>SEK – 13.845

GBP>AED – 4.6867

GBP>HKD – 9.9290

GBP>ZAR – 22.994

GBP>CHF – 1.1217

GBP>PLN – 5.1441

Today’s Key Takeaways

  • USD Under Pressure: The dollar has been steadily correcting this week, as data and Fed remarks strengthen expectations for a 25bps rate cut on December 18th.
  • Jobs Data in Focus: Markets expect 215,000 new jobs, but a figure above 300,000 would be needed to significantly boost the USD.
  • GBPUSD and EURUSD Outlook: Both pairs could climb higher by the end of the day as the Trump-led USD rally continues to correct.
  • Opportunity for USD Buyers: The ongoing retracement offers a favourable window for those looking to purchase USD.


06th December 2024


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