See our guide to the key FX dates in July 2024 to be aware of when making cross-border payments.
In his testimony yesterday afternoon, Fed Powell signalled willingness to cut interest rates, but needs to see more evidence of a disinflation trend before acting – so not much different to his comments last week. USD gained marginally across the board as a result. In fact, we saw a general reversal of Monday's moves in the FX space.
*Daily move - against G10 rates at 7:30am, 10.07.24
** Indicative rates - interbank rates at 7:30am, 10.07.24
Trading in markets continues to be very thin, with very little volatility to start this week. Thursday's CPI number from the US and UK GDP could be the catalysts that increase much needed volatility in the FX space. Should we see the CPI number come in lower than expected, then we could well see GBPUSD make new highs for this year. For GBP, the only thing to note today will be BoE speak from Huw Pill and Catherine Mann, and stateside Fed Powell, Goolsbee, and Bowman will be speaking.
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