TODAY’s RATES & MARKET NEWS

Key Headlines:

·???????? USD: The "Trump trade" effect continues to influence the market.

·???????? GBP: Wage growth remains persistent, even as unemployment edges higher.

Yesterday Recap

The euro continued its downward trend yesterday, driven by persistent concerns about the impact of possible tariffs on Europe’s economic outlook. This pressure pushed EURUSD to lows not seen since April, with the risk of potentially breaking below this year's previous low. Meanwhile, GBPEUR climbed, reaching its highest level since April 2022.

Today’s Rates

Today's Interbank Rates at 09:40 am against GBP movement.

GBP>EUR – 1.2068

GBP>USD – 1.2820

EUR>GBP – 0.8284

EUR>USD – 1.0619

GBP>CAD – 1.7888

GBP>AUD – 1.9598

GBP>SEK – 13.950

GBP>AED – 4.7072

GBP>HKD – 9.9730

GBP>ZAR – 23.194

GBP>CHF – 1.1315

GBP>PLN – 5.2623

Today’s Key Takeaways

• UK wage growth exceeded expectations, signalling that the Bank of England may be cautious about rate cuts. Consequently, the likelihood of a December rate cut has slightly decreased.
• The UK unemployment rate rose to 4.3%, which pressured GBP lower in early trading.
• Key events for the day include the release of the ZEW survey to assess European sentiment, as well as speeches from BoE Chief Economist Huw Pill and Fed Governor Christopher Waller.
• The USD remains strong this morning, driving further declines in both GBPUSD and EURUSD.

12th November 2024

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