Currency news

Dollar firms ahead of key data

Chief Market Strategist at Equals Money
-
3
min read
Publish date
27/06/24
    • GBP: Retail Sales slow
    • EUR: Polls show Le Pen 15% ahead
    • USD: 6-week high


    Yesterday's currency recap

    The US dollar rose to a 6-week high during yesterday’s trading session on the back of safe-haven and Quarter-end flows. The Japanese yen continues to weaken, hitting a 38-year low versus the $, brushing aside fears of central bank intervention. Sterling dipped after the CBI reported much weaker-than-forecast retail sales and position squaring, ahead of next week's UK General Election. The euro continues to soften ahead of Sunday’s 1st round of election voting, as the yield gap between German and French bonds continues to widen. Elsewhere the Australian dollar got a bump after much stronger-than-forecast inflation data.

    Today's GBP rates

    Currency pair Daily move* Indicative rate**
    GBPAUD -0.15% 1.8955
    GBPCAD 0.05% 1.7299
    GBPCHF 0.04% 1.1330
    GBPDKK -0.03% 8.8100
    GBPEUR -0.02% 1.1813
    GBPJPY -0.15% 202.6600
    GBPNOK -0.03% 13.4775
    GBPNZD -0.02% 2.0749
    GBPSEK 0.04% 13.3480
    GBPUSD 0.11% 1.2634


    *Daily move - against
    G10 rates at 7:30am, 27.06.24

    ** Indicative rates - interbank rates at 7:30am, 27.06.24

    Key data points

    Currency Event Period Consensus Previous
    EUR EU Consumer Confidence Jul -14.00% -14.30%
    USD Durable Goods May -0.10% 0.70%
    USD GDP QoQ (Q1) 3.30% 1.80%
    USD Jobless Claims Jun/15 1820k 1828k
    USD PCE Prices QoQ (Q1) 3.30% 1.80%
    USD Pending Home Sales May YoY 2.50% -7.40%

    Upcoming speeches

    • ECB's Elderson

    What we think

    With a dearth of macro-economic data releases week to date, markets are eagerly awaiting the latest US inflation data slated for release on Friday for further to clues as to when/if the Fed will cut interest rates this year. Ahead of the data, broader sentiment has taken a downturn as fears of a global economic slowdown and worries over the upcoming French elections take hold. Traders will also be closely watching the first debate of the 2024 presidential election campaign between Biden and Trump scheduled for this evening. The latest opinion polls show the Democrats and Republicans remain locked in a tight race, that could come down to voting in a handful of key swing states.

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

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