The EUR continued to lose ground following the snap election being called in France. The political uncertainty divergence between the UK and EU continued to push GBPEUR to fresh 22-month highs. EURUSD remains at a 1-month low.
*Daily move - against G10 rates at 7:30am, 11.06.24
** Indicative rates - interbank rates at 7:30am, 11.06.24
This morning's data showed signs that the UK job market is cooling, with the unemployment rate ticking higher to 4.4%, and wage pressures in the private sector increasing only by 5.8%, the lowest in two years. So, welcome news for the Bank of England, and GBP is marginally lower this morning. Next event for GBP will be tomorrow's GDP number for April, expected growth at 0% down from 0.4% in March. The EUR weakness from yesterday hasn’t followed through overnight during Asian trading hours, but nonetheless the political risk premium attached to the currency will likely make it susceptible to sell-offs, should there any negative data points or news articles. USD is remaining on the front foot ahead of tomorrow's CPI and Fed meeting. No major data points out today.
Our team of currency experts are here to help you get more from your money when making an international money transfer. We will work with you to understand your payment needs and offer specialised guidance on the best options available to you. Over the last 19 years we’ve helped over a million customers and last year alone processed over £12bn. We’re tried and trusted, and we’re ready to help you.
Have a great day.
