See our guide to the key FX dates in July 2024 to be aware of when making cross-border payments.
GBPUSD hit a new one-year high following the higher-than-expected inflation numbers this morning. However, GBP in general failed to hold these gains by the close of play, perhaps on nerves ahead of this morning’s job numbers.
USD in general was weaker across the board, this time on rumours (once again) that the Bank of Japan may well be looking to intervene in the currency markets given how weak JPY is. Fed member Waller also commented in the afternoon that the next move by the Fed will be a cut.
*Daily move - against G10 rates at 7:30am, 18.07.24
** Indicative rates - interbank rates at 7:30am, 18.07.24
UK job numbers slowed in line with expectations this morning, with average weekly earnings ex-bonus dropping to 5.7%. The unemployment rate remained steady at 4.4%. GBP is steady as a result, and going into the end of the week we could well see the momentum behind the currency dwindle, following the data points from the last two days.
No rate cut expected by the ECB today, but we will be listening for any language that firms up the probability of seeing a rate cut in September.
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