Spectrum FX Daily Report

Spectrum FX Daily Report

GBP: The British Pound enters today’s general elections with a spring in its step. However, there could be some wobbles around 10 PM when the exit poll is released. The base case is a significant win for Keir Starmer's Labour Party, and markets should not be surprised to see the Pound tick higher on confirmation of such an outcome.

EUR: The Euro struggled to garner investor attention yesterday following a marginal downward revision in the Eurozone’s finalised services PMI. Moreover, the softer inflation report prompted the expectation of interest rate cuts from the European Central Bank. However, the Euro remained flat against the majority of its peers as the safe-haven currency was undermined by an increase in risk appetite.

USD: The U.S. Dollar lost further ground yesterday after softer than expected ADP employment data and a weak PMI reading on non-manufacturing activity ramped up bets that the Fed would cut interest rates sooner. In fact, the CME Fed-watch tool showed investors pricing in a nearly 66% chance of a September rate cut, up from 59% seen a day ago.

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