It seems markets have reloaded their USD long positions with the currency having its biggest daily gain since the 6th of November. ISM manufacturing PMI numbers came in higher than expected, with the gauge for new orders flipping into expansion territory for the first time in months. USD started the day on the front foot after Trump's 100% tariff warnings to the BRICS countries.
French politics remained in the spotlight after Marine Le Pen’s party stated they will back a no-confidence motion against the sitting government after Michel Barnier forced through the French budget. As a result, GBPEUR once again hit the 2024 high.
*Daily move - against G10 rates at 7:30am, 03.12.24
** Indicative rates - interbank rates at 7:30am, 03.12.24
USD is on the back foot to start the day after Federal Reserve (Fed) member Christopher Waller indicated he will likely vote for a rate cut in this month's Fed. Should we see a lower numbers on the US JOLTS job numbers today, we could well see USD correct further today.
Developments in France remain in focus after French PM Michel Barnier warned lawmakers the country has reached its “moment of truth” with far right leader Marine Le Pen set to join a left wing coalition in an attempt to topple his government potentially by tomorrow.
GBPEUR continues to trade near 2024 highs.
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