USD fluctuated over Friday, initially gaining in the morning, but sold off going into the month-end 4pm fix. Core PCE numbers came in as expected.
GBP sold off steadily throughout the day, tracking the lower risk appetite to finish the week.
*Daily move - against G10 rates at 7:00 am, 01.09.25
** Indicative rates - interbank rates at 7:00 am, 01.09.25
USD is starting the day weaker across the board after The US Court of Appeals ruled Donald Trump’s global tariffs are illegal, but the levies will stay in place while the case proceeds.
USD’s main focus will be on the US jobs report on Friday and there will be even more attention than normal given the downward revisions in August. ISM manufacturing and the Fed Beige Book will also be drivers for USD.
For the EUR, focus falls on August’s CPI numbers and given markets have all but ruled out any further cuts this year by the ECB, a surprise to the downside will be the bigger market mover.
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