USD gains continued into the close of European trade, alongside gains for JPY, as markets continued to flock to safety amid fears of Russia-Ukraine tensions escalating. Earlier in the morning, Ukraine's Air Force command confirmed that Russia has launched intercontinental ballistic missiles at Dnipro.
GBPUSD and EURUSD fell through prior support levels with each pair falling to May 2024 and October 2023 low respectively.
*Daily move - against G10 rates at 7:30am, 22.11.24
** Indicative rates - interbank rates at 7:30am, 22.11.24
UK retail sales fell more than expected in October compared to September, seeing GBP broadly lower at the start the day.
PMI numbers are due today from the UK, EU and US. The growth outlook for each economy has come into focus as of late and today's numbers for November will shed some light on the performance of each.
Going into the weekend, we will of course be monitoring the situation between Ukraine and Russia and if whether markets continue to seek safety in USD and JPY.
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