Markets recover Monday's rout

• Risk re-emerges, seeing weaker USD

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Yesterday's currency recap

USD lost ground yesterday giving up some of Monday's gains on the combination of equities bouncing back and risk reemerging as well the JOLTS job numbers falling to the lowest in 10 months. Odds of the Fed cutting rates later this month firmed further.

GBP also recovered some of Monday's steep losses.

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Today's GBP rates

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*Daily move - against G10 rates at 7:00 am, 04.09.25

** Indicative rates - interbank rates at 7:00 am, 04.09.25

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Key data points

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What we think

All eyes on US data with the release of the ADP payrolls report, initial jobless claims and then the ISM services numbers. Yesterday's miss on the JOLTS numbers saw a minor USD decline given how much markets are already pricing in rate cuts. Bigger moves on USD will likely be caused by an upside surprise on the numbers and if so, then stronger USD.

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Have a great day.

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