USD lost ground yesterday after ISM Services and ADP payroll both came in shy of expectations, raising the odds of the Federal Reserve (Fed) going for a 25bps rate cut at the December meeting.
Earlier in the morning GBP had a bit of a scare after Governor Bailey commented that he expects four interest rate cuts next year but those losses were short-lived. The currency finished broadly higher on the day.
AUD was the big loser of the day, with data showing the economy grew less than expected in the three months ending in September.
*Daily move - against G10 rates at 7:30am, 05.12.24
** Indicative rates - interbank rates at 7:30am, 05.12.24
We're expecting a quiet day ahead but with markets in a risk-on mood, we are seeing some USD weakness to start the day.
So far the vote of no-confidence in France is having a limited impact on the EUR, however GBPEUR remains near 2024 highs.
Our team of currency experts are here to help you get more from your money when making international payments. We will work with you to understand your payment needs and offer specialised guidance on the best options available to you. Over the last 19 years we’ve helped over a million customers and last year alone processed over £12bn. We’re tried and trusted, and we’re ready to help you.Have a great day.
