Friday 22/11/2024

John Hall • November 22, 2024

Daily Update 22/11/2024

Key Headlines:

USD Strengthens Amid Geopolitical Concerns: Safe-haven demand continues to support the US dollar.
PMI Data in Spotlight: Attention turns to today's PMI releases for insights into economic performance.

Yesterday Recap

The USD extended its gains into the close of European trading, accompanied by strength in the JPY, as investors sought safe-haven assets amid escalating Russia-Ukraine tensions. Earlier, Ukraine's Air Force confirmed that Russia had launched intercontinental ballistic missiles at Dnipro. Both GBP/USD and EUR/USD broke through previous support levels, with the former hitting its lowest point since May 2024 and the latter reaching an October 2023 low.

Today’s Rates

Today's Interbank Rates at 10:20 am against GBP movement.

GBP>EUR – 1.2012

GBP>USD – 1.2498

EUR>GBP – 0.8328

EUR>USD – 1.0417

GBP>CAD – 1.7502

GBP>AUD – 1.9259

GBP>SEK – 13.889

GBP>AED – 4.5937

GBP>HKD – 9.7300

GBP>ZAR – 22.587

GBP>CHF – 1.1129

GBP>PLN – 5.2144

Today’s Key Takeaways

Weak UK Retail Sales: Retail sales in the UK saw a sharper-than-expected drop in October compared to September, putting early pressure on GBP.
PMI Releases Today: November PMI data from the UK, EU, and US will provide insight into the current growth trends and economic performance of these regions.
Focus on Geopolitical Tensions: As the weekend approaches, attention remains on the Russia-Ukraine situation and whether it continues to drive safe-haven demand for USD and JPY.

22nd November 2024

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