Thursday 21/11/2024

John Hall • November 21, 2024

Daily Update 21/11/2024

Key Headlines:

USD: Gains driven by safe-haven demand.

Yesterday Recap

The USD strengthened for the first time in four sessions as investors sought safe havens following Ukraine's use of UK storm shadow missiles against Russia. This droves EUR/USD to test previous support levels and erased GBP/USD’s earlier gains after stronger UK CPI data. Despite a significant rise in eurozone wage growth to 5.4% in Q3 from 3.4% in Q2, the EUR showed little reaction, with markets focused on expectations of deep ECB rate cuts to offset potential trade tariff impacts.

Today’s Rates

Today's Interbank Rates at 10:32 am against GBP movement.

GBP>EUR – 1.2006

GBP>USD – 1.2626

EUR>GBP – 0.8330

EUR>USD – 1.0521

GBP>CAD – 1.7641

GBP>AUD – 1.9389

GBP>SEK – 13.931

GBP>AED – 4.6375

GBP>HKD – 9.8280

GBP>ZAR – 22.908

GBP>CHF – 1.1158

GBP>PLN – 5.2159

Today’s Key Takeaways

Risk-Off Sentiment Dominates: Markets opened on a cautious note after Ukraine confirmed that Russia launched intercontinental ballistic missiles overnight.

USD Strengthens: The US dollar gained early in the session amid heightened risk aversion.

Focus on Geopolitics: With a light economic calendar, geopolitical developments are expected to drive FX markets today.

Key Levels to Watch: Attention remains on whether GBP/USD and EUR/USD will break below previous support levels.

21^st November 2024

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