USD gained for the first day in the last four as investors flocked to safety after Ukraine fired UK storm shadow missiles into Russia in the afternoon. EURUSD hit prior support levels as a result and GBPUSD erased gains from earlier in the day following the higher CPI print.
Earlier in the day, a key gauge of eurozone wages jumped to 5.4% in Q3 compared to a year ago, which is up from 3.4% in Q2. However, EUR was unmoved on this as mentioned in our report yesterday, with markets still betting the European Central Bank (ECB) will need to cut rates deeply to combat the negative effects of any possible future trade tariffs.
*Daily move - against G10 rates at 7:30am, 21.11.24
** Indicative rates - interbank rates at 7:30am, 21.11.24
Markets have started the day 'risk-off' after Ukraine confirmed Russia fired intercontinental ballistic missiles overnight. USD started off stronger to start the day. With a quiet calendar today, geopolitics will likely remain the key driver in the FX space and we look to see if both GBPUSD and EURUSD will fall below prior support levels.
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