FX News

FX Update: Big dollar on struggle street

Market Overview

Key Points:

• Chances of a US recession late in 2024 has risen with many analysts now predicting Fed rate cuts of 175 points expected next year.
• Gold has jumped back over 2000 and breached 2017 per ounce, the highest level since May this year.
• The 4-day Gaza truce between Hamas and Israel has been extended for two days as hostage exchanges continue. To date over 14,800 Palestinians have been killed by Israeli attacks, this includes over 6,000 children and 4,000 women.
• ECB’s Lagarde reports Euro business activity has slowed over recent months with Job’s growth expected to weaken towards the end of the year.
• Bank of England’s Bailey has said it’s too early to talk about rate cuts as the BoE struggle to get inflation back to 2.0%
• The Japanese Yen (JPY) has been the strongest currency so far this week with the US Dollar (USD) the worst performer.

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