Thursday 05/12/2024

John Hall • December 5, 2024

Daily Update 05/12/2024

Key Headlines:

US Data Falls Short: ADP employment and ISM services reports came in below forecasts.
Political Change in France: Efforts are underway to identify a new Prime Minister as political uncertainty continues.

Yesterday Recap

The USD weakened yesterday as both the ISM Services index and ADP payroll data fell short of forecasts, increasing speculation that the Federal Reserve might implement a 25bps rate cut at its December meeting.

In contrast, the GBP faced some initial pressure early in the day when Governor Bailey suggested there could be four rate cuts in the coming year. However, the pound rebounded, closing the day on a stronger note.

The AUD struggled the most, as disappointing economic growth figures for the September quarter weighed heavily on the currency.

Today’s Rates

Today's Interbank Rates at 09:50 am against GBP movement.

GBP>EUR – 1.2082

GBP>USD – 1.2719

EUR>GBP – 0.8276

EUR>USD – 1.0527

GBP>CAD – 1.7883

GBP>AUD – 1.9753

GBP>SEK – 13.909

GBP>AED – 4.6711

GBP>HKD – 9.8990

GBP>ZAR – 22.967

GBP>CHF – 1.1255

GBP>PLN – 5.1572

Today’s Key Takeaways

A relatively calm trading day is anticipated, but early signs point to a softer USD as markets lean towards a risk-on sentiment.

Meanwhile, the no-confidence vote in France has had minimal effect on the EUR so far. GBPEUR, however, continues to hover near its peak levels for 2024.

05th December 2024

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