USD continued to retreat over the afternoon following the appointment of Scott Bessent as US Treasury Secretary, seeing EURUSD recover by almost 2% off the lows on Friday and GBPUSD by 1% off the lows. Market sentiment was generally improved with reports that Israel is potentially days away from a ceasefire agreement with Lebanon’s Hezbollah.
*Daily move - against G10 rates at 7:30am, 26.11.24
** Indicative rates - interbank rates at 7:30am, 26.11.24
Donald Trump took to social media overnight to announce that he will slap an additional 10% tariff on goods from China and 25% on all products from Mexico and China. GBPCAD is higher by 0.7%, GBPMXN higher by 1.2% and GBPCNY higher marginally by 0.2% as a result.
Ahead for the rest of the day we have a host of speakers from the European Central Bank (ECB), Bank of England (BoE) Pill speaking and then in the afternoon the minutes from the last Federal Reserve (Fed) meeting, where we wait to hear more about the reasoning behind the last Fed decision.
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