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8 Jan 2025

GBP/USD weighed by rising Gilt yields overnight – Scotiabank

The Pound Sterling (GBP) plunged more than a cent in response to the Trump tariff headlines, leaving it the worst-performing major currency on the session, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

GBP/USD slumps on tariff report

“Losses are steadying in the mid/upper 1.23s but scope for recovery may remain limited in the short run. The GBP’s tone was already a little soft, reflecting building market concerns about rising domestic yields. Cable losses extended to a new, short-term cycle low at 1.2325 earlier. Spot is within reach of the 1.2300 major low reached in April last year.”

“Spot losses are stabilizing around 1.2350, close to last week’s low, but new lows and broadly bearish trend momentum suggest the GBP’s soft tone is liable to extend moving forward and likely means potential for near-term rebounds is very limited. Resistance is likely to be firm around 1.2450/75 now.”

Jan 8, 2025

EUR/USD weaker on soft German economic data – Scotiabank

Weak German data (soft November Retail Sales and a sharp, 5.4% plunge in Factory Orders over the November month are pushing the EUR lower, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
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Jan 8, 2025

Fed's Waller: Will support further cuts in 2025 but pace will depend on inflation progress

Federal Reserve Governor Christopher Waller said on Wednesday that he will support additional rate cuts in 2025 but the pace will depend on further inflation progress, per Reuters.
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