USD continued to retrace some of the prior day's losses as markets faded expectations of a 0.50% rate cut in September. Odds are now at 56% down from 80%. US equities all finished higher as there was calm in the markets. However, GBP continued to weaken throughout the day with GBPUSD hitting one-month lows.
*Daily move - against G10 rates at 7:30am, 07.08.24
** Indicative rates - interbank rates at 7:30am, 07.08.24
Risk sentiment has continued to be buoyant this morning after the Bank of Japan’s Deputy Governor Shinichi Uchida dampened the prospects of additional rate hikes should financial markets remain unstable. JPY is weaker as a result with GBPJPY 1.5% higher and USD marginally stronger across the board. In the absence of any major data points, markets again will be led by broader risk sentiment today.
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