GBP slips on leadership challenge

• GBP remains under pressure ahead of GDP numbers
• US job losses add to rate cut bets

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Yesterday's currency recap

USD slipped after weak ADP data showed private payrolls fell, raising the odds for a December rate cut up to 67%.‍

GBPUSD recovered on this data point after an earlier drop on higher UK unemployment, but GBP in general finished the day lower. EUR and CHF gained on broad USD softness.

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Today's GBP rates

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*Daily move - against G10 rates as of 06:00 GMT, 11.11.25

** Indicative rates - interbank rates as of 06:00 GMT, 11.11.25

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Today's speeches

• GBP: BoE Pill
• EUR: ECB Guindos
• USD: Fed Williams, Waller, Bostic, Miran and Collins

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What we think

GBP getting hit again this morning ahead of GDP numbers tomorrow and rumours of a leadership challenge by Wes Streeting on the PM Keir Starmer. USD is attempting to claw back some of its losses from yesterday. Movements today will be subject to plenty of Fed speak.

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