Currency news

Steady as she goes

Chief Market Strategist at Equals Money
-
3
min read
Publish date
25/06/24
    • GBP: Manufacturing shows signs of recovery
    • EUR: German business climate declined in June
    • USD: Fed gives out mixed signals


    Yesterday's currency recap

    Position squaring ahead of Friday’s US inflation data and a dearth of Tier 1 economic data meant currency markets traded in a very tight range yesterday. The outlier being the Japanese Yen that continued to fall, hitting an all-time low versus the EUR before central bank intervention rumours helped steady the ailing currency. In the UK, the latest CBI manufacturing survey showed the balance of manufacturing output expectations increased to 13 from 7 previously, marking the highest since October last year. Elsewhere the world’s most valuable company and stock market darling Nvidia continued its sharp decline, falling 7% during yesterday’s trading session as risk sentiment deteriorated.

    Today's GBP rates

    Currency pair Daily move* Indicative rate**
    GBPAUD -0.06% 1.9048
    GBPCAD -0.03% 1.7318
    GBPCHF -0.01% 1.1319
    GBPDKK -0.07% 8.8120
    GBPEUR -0.01% 1.1815
    GBPJPY -0.07% 202.3100
    GBPNOK -0.01% 13.3650
    GBPNZD 0.09% 2.0725
    GBPSEK 0.00% 13.2850
    GBPUSD 0.07% 1.2693


    *Daily move - against
    G10 rates at 7:30am, 25.06.24

    ** Indicative rates - interbank rates at 7:30am, 25.06.24

    Key data points

    Currency Event Period Consensus Previous
    CAD Core Inflation Rate May 0.20% 0.20%
    USD House Price Index Apr 0.30% 0.10%
    USD Consumer Confidence Jun 100.00 102.00

    Upcoming speeches

    • USD Fed’s Bowman and Cook

    What we think

    Ahead of Thursday’s Biden/ Trump debate, Investment Banks are starting to publish their post-election USD calls. The consensus is for a stronger US dollar should Trump regain the Presidency, as markets perceive his protectionist policies which include a blanket 60% tariff on all China imports as USD positive.

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

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