Key Headline:

USD strengthens on the back of economic data highlighting sustained momentum in the economy.

Recap

The USD regained ground on Tuesday, supported by US job openings hitting a six-month high and stronger-than-expected ISM services data, signalling robust economic growth. The elevated prices paid component of the ISM report reignited inflation concerns, prompting markets to push the expected timing of the first Fed rate cut to July. Meanwhile, EU CPI figures met expectations, rising to 2.4% earlier in the day.

Today’s Rates

Today's Interbank Rates at 10:18 am against GBP movement.

GBP>EUR – 1.2068

GBP>USD – 1.2450

EUR>GBP – 0.8286

EUR>USD – 1.0313

GBP>CAD – 1.7886

GBP>AUD – 2.0020

GBP>SEK – 13.896

GBP>AED – 4.5711

GBP>HKD – 9.6830

GBP>ZAR – 23.411

GBP>CHF – 1.1353

GBP>PLN – 5.1499

Today’s Key Takeaways

• EU inflation updates arrive today with the release of Producer Price Index (PPI) figures.
• Key US data includes weekly jobless claims and ADP payroll numbers.
• The USD rally from yesterday persists, and similar economic trends could sustain its strength.

08th January 2025

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