Currency news

Fed Powell to testify

Head of FX Analysis at Equals Money
-
3
min read
Publish date
09/07/24
  • GBPUSD has another go at 2024 high
  • Markets quiet ahead of Fed Powell and US CPI on Thursday

See our guide to the key FX dates in July 2024 to be aware of when making cross-border payments.


Yesterday's currency recap

USD continued to weaken across the G10 complex following on from Friday's job numbers, and ahead of Fed Powell speaking to congress and Thursday’s CPI numbers. GBP was higher across the board as, seeing GBPUSD hit near the highs seen in June after BoE member Haskel remarked he will vote for a rate hold in August. The EUR was mixed as the market continued to digest the result of the French elections.

Today's GBP rates

Currency pair Daily move* Indicative rate**
GBPAUD 0.22% 1.9030
GBPCAD 0.22% 1.7490
GBPCHF 0.23% 1.1504
GBPDKK 0.13% 8.8305
GBPEUR 0.13% 1.1839
GBPJPY 0.07% 206.1580
GBPNOK 0.78% 13.5851
GBPNZD 0.30% 2.0912
GBPSEK 0.84% 13.5355
GBPUSD 0.07% 1.2823


*Daily move - against
G10 rates at 7:30am, 09.07.24

** Indicative rates - interbank rates at 7:30am, 09.07.24

Key data points

Currency Event Period Consensus Previous
N/A None today. N/A N/A N/A

Upcoming speeches

  • USD: Fed Powell

What we think

Today’s highlight is Fed Chair Powell's testimony to congress. Following on from his comments last week regarding disinflation and the jobs markets, we are inclined to think he will remain on the dovish side, and thus market reaction should be relatively muted, especially ahead of Thursday's CPI numbers. USD buyers could look at leaving limit orders to take advantage of any GBPUSD spikes beyond the 2024 highs, should the CPI numbers come in lower. EUR is relatively stable this morning as well as GBP.

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

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