Currency news

Trump effect supports USD

Head of FX Analysis at Equals Money
-
3
min read
Publish date
July 16, 2024
    • USD supported on ‘Trump Trade’
    • US retail sales the main focus today

    See our guide to the key FX dates in July 2024 to be aware of when making cross-border payments.


    Yesterday's currency recap

    Very little price action in the absence of any major data or events to start this week, but we did see a firm USD across the board. Fed Powell's comments in the evening were a non-event, in respect that he did say anything new from what he has said before.

    Today's GBP rates

    Currency pair Daily move* Indicative rate**
    GBPAUD 0.06% 1.9158
    GBPCAD 0.15% 1.7737
    GBPCHF 0.01% 1.1618
    GBPDKK -0.07% 8.8771
    GBPEUR -0.07% 1.1897
    GBPJPY -0.06% 204.9640
    GBPNOK 0.54% 14.0100
    GBPNZD 0.40% 2.1309
    GBPSEK 0.57% 13.7337
    GBPUSD -0.06% 1.2981


    *Daily move - against
    G10 rates at 7:30am, 16.07.24

    ** Indicative rates - interbank rates at 7:30am, 16.07.24

    Key data points

    Currency Event Period Consensus Previous
    EUR ZEW Survey Expectations Jul 51.30
    USD Retail Sales MoM Jun -0.20% 0.10%
    USD Retail Sales YoY Jun 0.20% 0.40%

    Upcoming speeches

    • None today.

    What we think

    Focus will be on USD today and the retail sales numbers at 1.30pm. Worth noting GBPUSD and EURUSD are both trading at key resistance levels, that are capping gains on the pairs. USD has been on a losing streak since Fed Powell's comments regarding disinflation, and a weak sales report today will likely see resistance levels breach, encouraging further gains for currencies versus USD – welcome news for buyers, but not what the sellers will want to see and hear.

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