USD continued to lose ground ahead of today's job numbers, seeing GBPUSD hit three-week highs and EURUSD come against a prior resistance level.
Over in France, Marine Le Pen commented that she feels France can deliver a Budget in "a matter of weeks" so long as the next PM is prepared to narrow the deficit at a slower pace. EUR continued to eek out steady gains.
*Daily move - against G10 rates at 7:30am, 06.12.24
** Indicative rates - interbank rates at 7:30am, 06.12.24
The USD has been correcting steadily throughout this week, with data and Federal Reserve (Fed) commentary firming up the odds of the a 25bps rate cut on the 18th of December.
Today, all eyes are on the US job figures, with market analysts anticipating a rebound of around 215,000 new jobs. However, to truly ignite a currency surge, we're looking for an increase of over 300,000—setting the bar sky-high!
We could continue to see a higher GBPUSD and EURUSD by close of play today, as the Trump-led USD rally continues to correct. This is a good opportunity for USD buyers.
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