Tuesday 03/12/2024
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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