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