Very little moves yesterday in what feels like the calm before the storm prior to the deluge of data due out from Wednesday onwards.
JPY was the worst performing amongst the G10 following the election results over the weekend.
Ahead of US job numbers this week, JPMorgan Chase CEO Jamie Dimon suggested that the US economy is “still booming” and that inflation might not decrease as anticipated when the economy eventually cools. This scenario introduces the potential for stagflation and aligns with recent market trends, which suggest fewer rate cuts in the Fed's easing cycle.
*Daily move - against G10 rates at 7:30am, 29.10.24
** Indicative rates - interbank rates at 7:30am, 29.10.24
First set of US job numbers is out later today. The JOLTS numbers are expected to decline marginally compared to last month. Anything higher and we could well see markets reduce the odds of another Federal Reserve rate cut in December which would continue to support USD.
Otherwise it could be another quiet day before things kick off tomorrow with EU and US GDP numbers, German CPI numbers, ADP payrolls, and of course the Autumn budget.
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.
