Dear Reader,

 

Today's overview of economic news and market action: 

  • Somewhat surprisingly, the focus on currency markets centred on sterling yesterday …
  • The pound was under pressure as concerns regarding the UK fiscal position increased …
  • Some dovish remarks from BoE official Taylor were also unhelpful for the UK currency …
  • This saw UK Gilt yields rise by circa 5-20bps, while sterling shed 0.7% vs. the euro & dollar …
  • As trading gets underway today, EUR/GBP is up near the midpoint of 86-87p …
  • GBP/USD is down in the lower half of $1.36-1.37 …
  • Elsewhere, EUR/USD remains just below $1.18 …
  • Today, a busy US data docket (including the labour market report) pose some event risk for the dollar …

 

  
 
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Today's Opening FX Rates
 
      % Change Day* End 2024
EUR/USD 1.1795   0.00 13.93
EUR/GBP 0.8644   0.73 4.48
GBP/USD 1.3642   -0.73 9.04
GBP/EUR 1.1564   -0.73 -4.29
*versus Previous Day's European Open

All rates quoted are indicative market rates.

 

 

 
 
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