See our guide to the key FX dates in July 2024 to be aware of when making cross-border payments.
The $ eased and yields tumbled yesterday following the latest US inflation data readings showing prices rising at their slowest pace since 2021.
Swap markets were quick to react, now pricing in 2-3 rate cuts for this year, with a move in September all but guaranteed.
The latest readings confirmed the recent slower trajectory in prices, and of particular note was the much talked about relentless rise in shelter costs finally showing signs of abating.
Sterling continued its recent ascent, rising to the highest levels since July 2023 after GDP data came in much stronger than forecast, with growth coming in at double the expected rate.
Elsewhere the $ tumbled against the Japanese Yen after hitting a 38-year high on rumours of central bank intervention.
*Daily move - against G10 rates at 7:30am, 12.07.24
** Indicative rates - interbank rates at 7:30am, 12.07.24
Politics continues to capture the headlines as the recent French elections still leave the country with a hung Parliament, whilst over in the US calls for President Biden to step down have further intensified after he delivered yet another gaff-prone speech last night where he introduced the Ukraine leader Volodymyr Zelenskyy as Vladimir Putin. As if that wasn’t bad enough, he then went on to mistakenly refer to Vice President Kamala Harris as Vice President Trump. One wonders how long it will be before the Democratic Party removes him as their Presidential candidate.
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