Dear Reader,

 

Today's overview of economic news and market action

  • The potential impact of President Trump and German politics continued to affect markets last week …
  • Hawkish Fed remarks, weak UK GDP data and Q3 earnings reports also impacted markets …
  • Currency-wise, the dollar remained in the ascendancy …
  • This saw EUR/USD register a fresh YTD low just below $1.05 last week …
  • As trading gets underway today though, EUR/USD is near the midpoint of $1.05-1.06 …
  • GBP/USD is down in the bottom half of $1.26-1.27 …
  • EUR/GBP is close to the halfway mark of 83-84p …
  • This week, the main data highlights will be the flash PMIs for November …
 
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Today's Opening FX Rates
 
      % Change Day* End 2023
EUR/USD 1.0545   0.06 -4.45
EUR/GBP 0.8344   0.36 -3.74
GBP/USD 1.2637   -0.29 -0.72
GBP/EUR 1.1983   -0.36 3.88
*versus Previous Day's European Open

All rates quoted are indicative market rates.
 
More Economic News
 
 
US Federal Reserve Watch - November 2024
 

The November meeting of the US Federal Reserve Open Market Committee (FOMC) saw the central bank cut interest rates for the second consecutive time. The target range for the Fed funds rate was reduced by 25bps to 4.50-4.75%. The decision by the FOMC to cut rates by 25bps was unanimous, following a split on the FOMC for September’s bumper 50bps cut.
 
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Bank of England Watch - November 2024
 

The November meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank lower Bank rate by 25bps to 4.75%. This was the second rate cut from the Bank of England (BoE) in three meetings. Subsequent to this, the BoE cuts rates for the first time in August, following its rate tightening cycle, which had been in place since the end of 2021.
 
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