Currency news

Presidential debate tips in favour of Harris

Head of FX Analysis at Equals Money
-
3
min read
Publish date
11/09/24
    • USD weakens following sparring match
    • US CPI in focus today


    Yesterday's currency recap

    Over the course of the day, ahead of the presidential debate, markets were in a risk-off mode. Equities were lower, seeing GBP give up the gains it made at the start of the day, and safe haven currencies CHF, JPY and USD all benefited.

    Betting and financial markets moved in favour of Kamala Harris after the US presidential debate, seeing USD marginally lose ground. We now wait for poll results to come out later this week to see if voter sentiment is indeed moving towards Harris.

    Today's GBP rates

    Currency pair Daily move* Indicative rate**
    GBPAUD 0.10% 1.9643
    GBPCAD 0.30% 1.7779
    GBPCHF -0.43% 1.1056
    GBPDKK 0.03% 8.8430
    GBPEUR 0.03% 1.1850
    GBPJPY -0.63% 185.99
    GBPNOK 0.07% 14.178
    GBPNZD -0.20% 2.1231
    GBPSEK 0.01% 13.569
    GBPUSD -0.07% 1.3066


    *Daily move - against
    G10 rates at 7:30am, 11.09.24

    ** Indicative rates - interbank rates at 7:30am, 11.09.24

    Key data points

    Currency Event Period Consensus Previous
    USD CPI MoM Aug 0.20% 0.20%
    USD CPI YoY Aug 2.50% 2.90%
    USD Core CPI MoM Aug 0.20% 0.20%
    USD Core CPI YoY Aug 3.20% 3.20%

    What we think

    Today, US CPI could hold the key to determining whether the Fed cuts rates by 0.25% or 0.50% next week. A higher-than-expected CPI number will likely move the needle towards a 0.25% cut, enhancing USD potential for widespread gains.The GBPEUR pair remains just shy of its August peaks, as markets remain risk-averse.

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