See our guide to the key FX dates in July 2024 to be aware of when making cross-border payments.
USD continued to weaken across the G10 complex following on from Friday's job numbers, and ahead of Fed Powell speaking to congress and Thursday’s CPI numbers. GBP was higher across the board as, seeing GBPUSD hit near the highs seen in June after BoE member Haskel remarked he will vote for a rate hold in August. The EUR was mixed as the market continued to digest the result of the French elections.
*Daily move - against G10 rates at 7:30am, 09.07.24
** Indicative rates - interbank rates at 7:30am, 09.07.24
Today’s highlight is Fed Chair Powell's testimony to congress. Following on from his comments last week regarding disinflation and the jobs markets, we are inclined to think he will remain on the dovish side, and thus market reaction should be relatively muted, especially ahead of Thursday's CPI numbers. USD buyers could look at leaving limit orders to take advantage of any GBPUSD spikes beyond the 2024 highs, should the CPI numbers come in lower. EUR is relatively stable this morning as well as GBP.
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