Currency news

USD continues remain weak

Head of FX Analysis at Equals Money
-
3
min read
Publish date
21/08/24
    • GBPUSD claims 13-month highs


    Yesterday's currency recap

    GBPUSD claimed a 13-month high yesterday and EURUSD a fresh 9-month high as the USD selling trend continued. However it's worth noting that relatively speaking, EURUSD is looking particularly overbought considering how much it's gained in a relatively short space of time, thus suggesting we could see a pullback in the pair.

    Today's GBP rates

    Currency pair Daily move* Indicative rate**
    GBPAUD -0.10% 1.9316
    GBPCAD -0.22% 1.7750
    GBPCHF -0.39% 1.1165
    GBPDKK 0.05% 8.7483
    GBPEUR 0.05% 1.1724
    GBPJPY -0.35% 189.7930
    GBPNOK -0.26% 13.6697
    GBPNZD -0.27% 2.1194
    GBPSEK -0.42% 13.3422
    GBPUSD 0.20% 1.3015


    *Daily move - against
    G10 rates at 7:30am, 21.08.24

    ** Indicative rates - interbank rates at 7:30am, 21.08.24

    Key data points

    Currency Event Period Consensus Previous
    USD Fed Minutes - - -

    Upcoming speeches

    • None today.

    What we think

    The markets continue to be in this USD selling frame of mind with the USD index now at its lowest since December 2023. A lot of market chatter seems to suggest that this bout of USD selling could well continue. However, as noted above, USD does look relatively oversold given the extent of the losses in such a space of time. It's also worth noting that equity markets have clawed back much of their recent losses, suggesting that perhaps the recent appetite for risk could dwindle as well. Today's focus falls on the Fed minutes in the evening.

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