Markets remain steady ahead of US inflation numbers

Market reports
Thanim Islam
  • Bets ramp up for 0.75% worth of BoE rate cuts by June
  • Governor Bailey in focus today

Sign up


A pretty lacklustre day in markets with very little to drive change, and market flow was an opposite of Monday's trading, with USD advancing, and GBP and EUR weakening all marginally. There was large interest in some markets of the market betting on 0.75% worth of rate cuts being conducted by the BoE by June. This would take interest rates to 4.5%, and is contrary to current market pricing suggesting a BoE rate of 4.81% by June. Should this play out then this will be GBP negative.


Market rates

* Daily move - against G10 rates at 7:30am, 10.01.24

** Indicative rates - interbank rates at 7:30am, 10.01.24

Table - 2024-01-10T094057.980

Data points

Table - 2024-01-10T094100.365


  • None today.

Our thoughts

Following on from wagers being putting on for 0.75% worth of rate cuts by the BoE by June, Governor Bailey will be testifying in parliament. This will be the focus for today, and we’ll be listening out for his stance on rates for this year ahead of UK inflation numbers next Wednesday. Otherwise expect markets to continue to wait on tenterhooks for US inflation numbers tomorrow.

How we can help

Our team of currency experts are here to help you get more from your money when making international payments. We will work with you to understand your payment needs and offer specialised guidance on the best options available to you. Over the last 17 years we’ve helped over a million customers and last year alone processed over £9.1bn. We’re tried and trusted, and we’re ready to help you.

Have a great day.


Expert insights on demand

Sign up to our daily market reports to get the latest news and insights on worldwide currency movements straight to your inbox every morning.

Enter your email address below to subscribe.