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Currency Market Update - 7th March 2024

Currency Market Update - 25th January 2024The US Dollar has started today on the backfoot as potential Interest Rate Cuts by the Federal Reserve draw ever closer, whilst the Euro has also slipped off this morning as we eagerly await the rate decision by the European Central Bank later this morning.

Federal Reserve Chairman Jerome Powell stated on Wednesday that rate cuts would likely be appropriate later this year, albeit as long as the economy evolves as broadly as expected, coupled with confidence that inflation is finally in a steady path of declination.

Early this morning, German Industrial Orders data showed a much bigger drop-off than expected, with orders falling by 11.3% in January compared to a 12% increase in December. Although market expectations point towards The European Central Bank keeping rates on hold at 4%, this mornings macro data will have no doubt applied a little more pressure on the ECB to act sooner rather than later. Taking this into consideration, a June rate-cut now seems to be the latest point for their first cut.

Turning our attention tomorrow, we finish the week off with a number of major economic releases, starting with GDP Growth for The Euro-Zone which will no doubt put the central bank under more pressure after today’s decision. We then round the week off with US Non-Farm Payroll data which as ever is the most highly anticipated data release on the calendar and therefore is always providing volatility in the lead up to and after the release.



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