Market Insight 10-07-2024

  • Home
  • Market Insight 10-07-2024


In his testimony yesterday afternoon, Fed Chair Powell expressed a readiness to cut interest rates but indicated a need for more evidence of a downward trend in inflation before taking action. This stance was largely in line with his remarks from the previous week. As a result, the USD experienced a slight increase across the board. There was a general reversal of Monday’s movements in the foreign exchange markets.


  • GBP: BoE’s Huw Pill and Catherine Mann
  • USD: Fed’s Powell, Goolsbee, and Bowman

Market Insight:

Market trading remains very thin with minimal volatility at the start of this week. Thursday’s CPI data from the US and UK GDP figures could be the triggers for increased volatility in the FX markets. If the CPI figures are lower than expected, we might see GBP/USD reaching new highs for the year. For GBP, the focus today will be on speeches by BoE’s Huw Pill and Catherine Mann, while in the US, speeches from Fed’s Powell, Goolsbee, and Bowman will be noteworthy.