Tuesday 03/12/2024

John Hall • December 3, 2024

Daily Update 03/12/2024

Key Headlines:

  • USD records its strongest gains since 6th November.
  • Political turmoil in France sparks questions about the government's stability.


Yesterday Recap

The USD saw its largest daily gain since 6th November, bolstered by stronger-than-expected ISM manufacturing PMI figures, including a surprising return to expansion in new orders. The dollar's momentum was further fuelled by Trump’s warning of 100% tariffs on BRICS countries. Meanwhile, French politics remained tense as Marine Le Pen’s party vowed to support a no-confidence motion against the government following Michel Barnier's push for the budget, driving GBPEUR to a fresh 2024 high.


Today’s Rates

Today's Interbank Rates at 09:31 am against GBP movement.

GBP>EUR – 1.2053

GBP>USD – 1.2681

EUR>GBP – 0.8296

EUR>USD – 1.0520

GBP>CAD – 1.7781

GBP>AUD – 1.9519

GBP>SEK – 13.925

GBP>AED – 4.6576

GBP>HKD – 9.8710

GBP>ZAR – 22.954

GBP>CHF – 1.1226

GBP>PLN – 5.1756

Today’s Key Takeaways

  • USD Weakness: The dollar is under pressure after Fed member Christopher Waller signalled support for a rate cut in this month’s meeting. A weaker JOLTS jobs report today could further weigh on the USD.
  • French Political Uncertainty: French PM Michel Barnier warns of a “moment of truth” as far-right leader Marine Le Pen aligns with a left-wing coalition to potentially topple the government as early as tomorrow.
  • GBPEUR Strength: The pair continues to trade close to its 2024 highs amidst the ongoing developments.


03rd December 2024


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