Magna Financial Market Report –December 6th 2024
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• Strong nonfarm payrolls today crucial for USD support
• Marine Le Pen optimistic about delivering a budget in a few weeks
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RECAP
Ahead of today’s job report, the USD continued to weaken, resulting in GBPUSD reaching three-week highs and EURUSD approaching a previous resistance level. Meanwhile, in France, Marine Le Pen expressed confidence that a budget could be delivered within “a matter of weeks” if the incoming Prime Minister is willing to take a more gradual approach to reducing the deficit. This sentiment helped EUR maintain steady gains.
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OUR SUMMARY
The USD has been on a steady decline this week, driven by data and comments from the Fed that have bolstered expectations of a 25bps rate cut on December 18th. Today, all attention is on US job data, with analysts predicting an addition of approximately 215,000 jobs. For a significant boost to the currency, however, the
increase would need to surpass 300,000—an ambitious benchmark.
With the Trump-led USD rally correcting, GBPUSD and EURUSD could continue to rise by the end of the day, presenting a favorable opportunity for those looking to buy USD.
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HOW WE CAN HELP
Our team of currency experts are here to help you get more from your money when making international payments. We will work with you to understand your payment needs and offer specialised guidance on the best options available to you. Get in touch with Osman Hanif today on +44 (0) 203371 9200 or email osman@magnafinancial.com.
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