Currency news

Bank of England Day

Head of FX Analysis at Equals Money
-
3
min read
Publish date
20/06/24
    • BoE in focus today but no rate cut expected
    • GBP should benefit if no change in guidance


    Yesterday's currency recap

    Very quiet data yesterday with the US observing their bank holiday. GBP held marginal gains following the slower than expected services CPI print.

    Today's GBP rates

    Currency pair Daily move* Indicative rate**
    GBPAUD -0.13% 1.9069
    GBPCAD 0.05% 1.7436
    GBPCHF 0.08% 1.1247
    GBPDKK 0.03% 8.8302
    GBPEUR 0.03% 1.1838
    GBPJPY 0.14% 200.9150
    GBPNOK -0.04% 13.4415
    GBPNZD 0.30% 2.0743
    GBPSEK -0.03% 13.2638
    GBPUSD 0.10% 1.2722


    *Daily move - against
    G10 rates at 7:30am, 20.06.24

    ** Indicative rates - interbank rates at 7:30am, 20.06.24

    Key data points

    Currency Event Period Consensus Previous
    GBP BoE Interest Rate Decision Jun 5.25% 5.25%
    USD Initial Jobless Claims Jun 15 235,000 242,000

    Upcoming speeches

    • None today.

    What we think

    So, two things for us to focus on today. With the Bank of England, we are not expecting any rate changes and expect the voting on rate cuts to show two members favouring a rate cut and the other seven electing to hold. The combination of yesterday’s CPI numbers and going into the General Election means we may not any significant changes in the BoE statement from last month's meeting. Should that be the case, GBP should continue to be supported.

    Stateside we have the weekly jobless claims numbers, markets are expecting a drop in the numbers which should support the USD.

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    Have a great day.

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    About the author
    Thanim Islam
    Profile
    Head of FX Analysis at Equals Money

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