Monday 11/11/2024
Daily Update 11/11/2024
Key Headlines:
· GBPEUR Reaches Highest Levels Since April 2022
· USD Expected to Maintain Strong Position
Friday's Recap
On Friday, the USD maintained its upward momentum, drawing increased market attention to the weakening EUR. This shift pushed GBPEUR to levels last seen in April 2022.
Today’s Rates
Today's Interbank Rates at 10:31 am against GBP movement.
GBP>EUR – 1.2075
GBP>USD – 1.2906
EUR>GBP – 0.8281
EUR>USD – 1.0684
GBP>CAD – 1.7967
GBP>AUD – 1.9584
GBP>SEK – 14.004
GBP>AED – 4.7390
GBP>HKD – 10.032
GBP>ZAR – 22.857
GBP>CHF – 1.1339
GBP>PLN – 5.2357
Today’s Key Takeaways
- EUR Weakness Continues: The euro remains under pressure, with GBPEUR maintaining its upward trend and EURUSD nearing key June support levels. Markets remain concerned about Europe’s vulnerability to potential U.S. tariffs under the Trump administration.
- GBP Outlook: On Friday, several investment banks projected further GBP strength against non-dollar currencies, based on the UK’s perceived resilience to trade restrictions and the BoE’s signal of a slower rate cut pace.
- Upcoming GBP Events: Key UK job numbers on Tuesday could boost GBP if they exceed expectations. Additionally, Governor Bailey’s remarks on Thursday and the GDP release on Friday will be closely monitored.
- U.S. Market Focus: In the U.S., markets will watch CPI and PPI inflation reports as well as retail sales data. Stronger-than-expected numbers may support the USD as markets scale back on expected Fed rate cuts. Election results on the House majority could also impact sentiment.
11th November 2024
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