USD steadied as US Treasury Yields fell and equities opened lower, while CHF outperformed amid risk-off sentiment and a tariff deal being struck between Switzerland and the US.
GBP came under pressure as Chancellor Rachel Reeves abandoned plans to raise income tax. But losses were eased by the close of play after reports suggested that Reeves was able to drop plans for income-tax hikes after receiving a significantly improved fiscal forecast from the Office for Budget Responsibility.
*Daily move - against G10 rates as of 06:00 GMT, 17.11.25
** Indicative rates - interbank rates as of 06:00 GMT, 17.11.25
UK headline CPI is expected to slow in October, reinforcing signs that inflation has peaked, though the decline is likely to be more gradual than the Bank of England anticipates.
In the euro area, final HICP data will offer clearer insight into what drove the recent rise in services inflation, while the ECB’s negotiated wage indicator will give the first look at Q3 pay settlements.
Flash PMIs for both the UK and eurozone will also provide an early read on fourth-quarter economic momentum.
USD volatility could well increase this week with the BLS announcing September’s nonfarm payroll numbers will be released this Thursday 20th November. Although the numbers are backwards looking, we still anticipate the data to be market moving. Worth nothing that USD has been trading stronger since September so anything to suggest the job market underperformed more than expected could reawaken USD selling.
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