Currency news

Markets hit pause ahead of key US inflation data

Lawrence Kaplin
Profile
Chief Market Strategist at Equals Money
-
3
min read
Publish date
10/04/24
  • GBP: UK Retail Sales pick up
  • EUR: Awaiting ECB meeting
  • USD: Inflation data front and centre


Recap

Currency markets saw another rangebound trading session yesterday ahead of today’s key US Inflation data and minutes from the recent FOMC meeting. Sterling eked out small gains after the British Retail Consortium reported UK Retail Sales rose at their fastest pace since August, hitting 3.2% year-on-year versus expectations of 1.8, as early Easter discounting drove up food sales. The US dollar continues to trade sideways despite rising Bond Yields, as expectations of a soft-landing gain in strength.

Today

Market rates

*Daily move - against G10 rates at 7:30am, 10.04.24

** Indicative rates - interbank rates at 7:30am, 10.04.24

Table - 2024-04-10T090301.964

Data points

Table - 2024-04-10T090909.819

Speeches

  • None today.

Our thoughts

All eyes are firmly focused on the US inflation data due out later today, which is expected to show a monthly increase of 0.3%. Recent commentary from the Fed hawks, reducing their forecasts for rate cuts this year from 3 to “1 or 2”, has lifted US bond yields, but interestingly has to date failed to rally the US dollar. The improvement in general market sentiment, as evidenced by rising global equity markets, could be at play here as riskier currencies continue to attract inflows.
With rising prices for commodities like Oil, Copper, and Cocoa, central banks may well have their work cut out for them to finally conquer the inflation demons.

How we can help

Our team of currency experts are here to help you get more from your money when making international payments. We will work with you to understand your payment needs and offer specialised guidance on the best options available to you. Over the last 17 years we’ve helped over a million customers and last year alone processed over £10bn. We’re tried and trusted, and we’re ready to help you.

Have a great day.

International payments made simple
Find out more
About the author
Lawrence Kaplin
Profile
Chief Market Strategist at Equals Money

Still have questions?

This is some text inside of a div block.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.

This is some text inside of a div block.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.

This is some text inside of a div block.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.