USD was buoyed by another day of gains following relatively hawkish Fed speak, which cited rising inflation risks and hinted at cautiousness on the pace of future cuts. The Republicans have also claimed the House overnight, unifying the Trump administration’s control of the elected branches of government. CPI numbers earlier in the afternoon came in bang in line with expectations.
*Daily move - against G10 rates at 7:30am, 14.11.24
** Indicative rates - interbank rates at 7:30am, 14.11.24
GBP focus today will fall on Rachel Reeves's and Governor Bailey's speeches in Mansion House. USD positioning is looking a bit stretched at the moment suggesting that a dollar correction could be on the cards. However, this won't do anything to take away from the medium-to-longer term support for USD. Any correction seen on USD pairs should be seen as an opportunity for dollar buyers to take some cover by hedging against the long-term bullish-ness on the greenback.
Data-wise, we have first estimates of GDP for the eurozone for the third quarter estimated to come in at 0.4%. PPI and jobless claims are due stateside.
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