Currency news

USD gains on quarter-end flows

Head of FX Analysis at Equals Money
-
3
min read
Publish date
26/09/24
    • Fed speeches, including Fed Chair Powell's, will be key for USD today


    Yesterday's currency recap

    Yesterday, the USD surged, driven by the momentum of quarter-end flows. Earlier in the day, both GBPUSD and EURUSD reached fresh highs.

    Today's GBP rates

    Currency pair Daily move* Indicative rate**
    GBPAUD 0.13% 1.9489
    GBPCAD -0.20% 1.7979
    GBPCHF 0.28% 1.1343
    GBPDKK -0.25% 8.9240
    GBPEUR -0.25% 1.1967
    GBPJPY 0.43% 192.9540
    GBPNOK 0.80% 14.0634
    GBPNZD 0.36% 2.123
    GBPSEK 0.20% 13.5667
    GBPUSD -0.43% 1.3354


    *Daily move - against
    G10 rates at 7:30am, 26.09.24

    ** Indicative rates - interbank rates at 7:30am, 26.09.24

    Key data points

    Currency Event Period Consensus Previous
    USD GDP Annualised Q2 2.90% 3.00%
    USD Initial Jobless Claims Sept 21 223,000 219,000

    Upcoming speeches

    • EUR: ECB Lagarde, Guindos, Schnabel
    • USD: Fed Collins, Powell, Bowman, Barr, Cook, Kashkari

    What we think

    Focus today falls on the pre-recorded remarks from Fed Chair Powell at 2.20pm UK time, as well as comments from a host of other Fed speakers: Collins, Bowman, Barr, Cook and Kashkari. Following last week's Fed meeting and revised dot plot, their speeches will be crucial. Additionally, the weekly jobless claims are also expected to play a major role in USD moves.

    Elsewhere, the Swiss National Bank is expected to cut rates by 0.25% but there is a 40% chance that we could see a 0.50% rate cut.

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