- GBP: Retail Sales slow
- EUR: Polls show Le Pen 15% ahead
- USD: 6-week high
Yesterday's currency recap
The US dollar rose to a 6-week high during yesterday’s trading session on the back of safe-haven and Quarter-end flows. The Japanese yen continues to weaken, hitting a 38-year low versus the $, brushing aside fears of central bank intervention. Sterling dipped after the CBI reported much weaker-than-forecast retail sales and position squaring, ahead of next week's UK General Election. The euro continues to soften ahead of Sunday’s 1st round of election voting, as the yield gap between German and French bonds continues to widen. Elsewhere the Australian dollar got a bump after much stronger-than-forecast inflation data.
Today's GBP rates
*Daily move - against G10 rates at 7:30am, 27.06.24
** Indicative rates - interbank rates at 7:30am, 27.06.24
Key data points
Upcoming speeches
- ECB's Elderson
What we think
With a dearth of macro-economic data releases week to date, markets are eagerly awaiting the latest US inflation data slated for release on Friday for further to clues as to when/if the Fed will cut interest rates this year. Ahead of the data, broader sentiment has taken a downturn as fears of a global economic slowdown and worries over the upcoming French elections take hold. Traders will also be closely watching the first debate of the 2024 presidential election campaign between Biden and Trump scheduled for this evening. The latest opinion polls show the Democrats and Republicans remain locked in a tight race, that could come down to voting in a handful of key swing states.
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