Monday 11/11/2024

John Hall • November 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.

11^th November 2024

This document has been prepared solely for information and is not intended as an Inducement concerning the purchase or sale of any financial instrument. By its nature market analysis represents the personal view of the author and no warranty can be, or is, offered as to the accuracy of any such analysis, or that predictions provided in any such analysis will prove to be correct. Should you rely on any analysis, information, or report provided as part of the Service it does so entirely at its own risk, and Frank eXchange Limited accepts no responsibility or liability for any loss or damage you may suffer as a result. Information and opinions have been obtained from sources believed to be reliable, but no representation is made as to their accuracy. No copy of this document can be taken without prior written permission.

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