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