Currency news

China fails to announce fresh stimulus

Head of FX Analysis at Equals Money
-
3
min read
Publish date
October 8, 2024
    • Market sentiment lowers on China disappointment
    • GBP remains on backfoot


    Yesterday's currency recap

    GBP fell back as markets refocused on Governor Bailey's comments, with a host of investment banks suggesting that we could be at a turning point for GBP and the good times may be over for the currency.

    USD moves were subdued in the absence of any major data points.

    Today's GBP rates

    Currency pair Daily move* Indicative rate**
    GBPAUD 0.17% 1.9353
    GBPCAD 0.01% 1.7799
    GBPCHF -0.65% 1.1187
    GBPDKK -0.26% 8.8848
    GBPEUR -0.26% 1.1917
    GBPJPY -0.70% 193.7740
    GBPNOK -0.50% 13.9167
    GBPNZD 0.25% 2.1366
    GBPSEK -0.38% 13.5532
    GBPUSD -0.33% 1.3081


    *Daily move - against
    G10 rates at 7:30am, 08.10.24

    ** Indicative rates - interbank rates at 7:30am, 08.10.24

    Upcoming speeches

    • USD: Fed Kugler, Bostic, Collins
    • EUR: Centeno, Nagel

    What we think

    Market sentiment is lower this morning after China’s policy makers failed  to announce fresh stimulus measures. The disappointment from today's National Development and Reform Commission press conference in China would normally be negative for the EUR, given that China is a key trading partner for the Eurozone but that weakness has yet to surface. In this environment we would expect GBP to be weak and for USD to benefit.

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