USD firmed up across the day, rebounding off recent weekly lows.
GBP also rebounded marginally, following the drop in CPI earlier in the morning, with focus firmly on the budget next week. Earlier in the day it was also reported that left-leaning Labour MPs are preparing for a possible leadership challenge to Starmer, claiming they have enough support to trigger a contest. Potential challengers include Lucy Powell, Lisa Nandy, and Louise Haigh.
*Daily move - against G10 rates as of 06:00 GMT, 19.11.25
** Indicative rates - interbank rates as of 06:00 GMT, 19.11.25
All eyes on the delayed September NFP –a small but mighty risk event given how fragile the December cut narrative has become. Consensus sits around 54,000 job additions, a modest rebound from August’s weak 22,000. There is a case for far softer print – even the risk of a negative number –given recent soft ADP data. A weak release keeps the “December cut” dream alive. A beat probably rules it out and we'd expect a strong USD in the short term.
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.
