Currency news

GBPUSD, EURUSD hit fresh 3-month highs

Head of FX Analysis at Equals Money
-
3
min read
Publish date
04/06/24
    • USD declines on signs of further weakness in the economy
    • JOLTS job openings in focus


    Currency recap

    The mover of the day was USD, weakening across the board following a lower-than-expected ISM manufacturing number in the afternoon, once again highlighting a slowdown in the US economy. Both GBPUSD and EURUSD briefly hit new 3-month highs.

    Today's GBP rates

    Currency pair Daily move* Indicative rate**
    GBPAUD -0.08% 1.9136
    GBPCAD 0.35% 1.7427
    GBPCHF -0.48% 1.1449
    GBPDKK -0.02% 8.7588
    GBPEUR -0.02% 1.1743
    GBPJPY -0.43% 199.5850
    GBPNOK -0.06% 13.3820
    GBPNZD -0.26% 2.0680
    GBPSEK -0.81% 13.3060
    GBPUSD 0.35% 1.2788


    *Daily move - against G10 rates at 7:30am, 04.06.24

    ** Indicative rates - interbank rates at 7:30am, 04.06.24

    Key data points

    Currency Event Period Consensus Previous
    USD JOLTS Job Openings Apr 8,350,000.00 8,488,000.00

    Upcoming speeches

    • None today.

    What we think

    Just the JOLTS job openings today for markets to focus on, with a consensus view of fewer openings in April than in March. USD weakness looks set to continue so long as data from the US continues to come on the soft side, signalling chinks in the economy. Looking at the USD index, yesterday's weakness saw a breach of the rising trendline that had been in pace since December, and continued declines through this level could well signal an end to the December uptrend. USD buyers should be on alert and look to put Limit Orders in at, or near, the 2024 highs, particularly ahead of Friday's job numbers.

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    About the author
    Thanim Islam
    Profile
    Head of FX Analysis at Equals Money

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