Position squaring ahead of Friday’s US inflation data and a dearth of Tier 1 economic data meant currency markets traded in a very tight range yesterday. The outlier being the Japanese Yen that continued to fall, hitting an all-time low versus the EUR before central bank intervention rumours helped steady the ailing currency. In the UK, the latest CBI manufacturing survey showed the balance of manufacturing output expectations increased to 13 from 7 previously, marking the highest since October last year. Elsewhere the world’s most valuable company and stock market darling Nvidia continued its sharp decline, falling 7% during yesterday’s trading session as risk sentiment deteriorated.
*Daily move - against G10 rates at 7:30am, 25.06.24
** Indicative rates - interbank rates at 7:30am, 25.06.24
Ahead of Thursday’s Biden/ Trump debate, Investment Banks are starting to publish their post-election USD calls. The consensus is for a stronger US dollar should Trump regain the Presidency, as markets perceive his protectionist policies which include a blanket 60% tariff on all China imports as USD positive.
Our team of currency experts are here to help you get more from your money when making international transfers. We will work with you to understand your payment needs and offer specialised guidance on the best options available to you. Over the last 19 years we’ve helped over a million customers and last year alone processed over £12bn. We’re tried and trusted, and we’re ready to help you.
Have a great day.
