Market Insight 09-07-2024

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  • Market Insight 09-07-2024


The USD continued its decline across the G10 currencies following last Friday’s job numbers, in anticipation of Fed Chair Powell’s congressional testimony and Thursday’s CPI data. The GBP rose broadly, with GBPUSD nearing its June highs after BoE member Haskel indicated he would vote for a rate hold in August. The EUR showed mixed performance as the market absorbed the results of the French elections.


  • USD: Fed Powell

Market Insight:

Today’s focus is Fed Chair Powell’s testimony to Congress. Based on his recent comments about disinflation and the job market, we expect him to maintain a dovish stance, likely leading to a muted market reaction, especially ahead of Thursday’s CPI data. Both the EUR and GBP are relatively stable this morning.