Currency news

Dollar gets a boost from strong economic data

Chief Market Strategist at Equals Money
-
3
min read
Publish date
24/06/24
  • GBP: Bank of England weighs on Sterling
  • EUR: French elections undermine euro
  • USD: Big beat on PMIs


Yesterday's currency recap

The US dollar rose to a 7-week high during Friday’s trading session, after the release of the latest PMI data which came in significantly above market expectations, further illustrating the underlying strength of the US economy. Sterling continued to edge lower in the aftermath of the recent Bank of England MPC (Monetary Policy Committee) meeting, where dovish commentary has led some market participants to believe a rate cut may come at their next meeting in August. Political pressure continues to weigh on the euro ahead of the first round of voting in the French elections, slated for June 30th.

Today's GBP rates

Currency pair Daily move* Indicative rate**
GBPAUD 0.04% 1.9043
GBPCAD 0.01% 1.7315
GBPCHF -0.08% 1.1296
GBPDKK -0.05% 8.8150
GBPEUR -0.03% 1.1820
GBPJPY -0.02% 201.9700
GBPNOK 0.01% 13.3620
GBPNZD 0.10% 2.0683
GBPSEK 0.01% 13.2850
GBPUSD 0.04% 1.2645


*Daily move - against
G10 rates at 7:30am, 24.06.24

** Indicative rates - interbank rates at 7:30am, 24.06.24

Key data points

Currency Event Period Consensus Previous
EUR German IFO Busines Climate Jun 89.70 89.30
GBP CBI Industrial Trends Orders Jun -26.00 -33.00

Upcoming speeches

  • US Fed’s Waller and Daly
  • ECB’s Schnabel

What we think

The US dollar continues to attract inflows as political instability in France weighs heavily on the single currency, and US economic data continues to outperform expectations. After the recent busy economic data calendar, this week is much lighter, with US Core PCE data (Fed’s preferred measure of inflation) due Friday taking centre stage. Elsewhere, markets will be closely watching the upcoming Biden/Trump debate due Thursday.

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About the author
Lawrence Kaplin
Profile
Chief Market Strategist at Equals Money

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