Magna Financial Market Report – November 22nd 2024
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• Geopolitical risk boosts USD
• PMI data in focus today
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RECAP
As Russia-Ukraine tensions heightened, the USD and JPY saw continued gains, with investors seeking safety amid growing concerns. This trend persisted into the close of European trading. Earlier in the day, Ukraine’s Air Force command reported that Russia had fired intercontinental ballistic missiles at Dnipro.
Both GBPUSD and EURUSD saw declines, breaking through previous support levels. The GBPUSD dropped to its lowest level since May 2024, while EURUSD fell to a low not seen since October 2023.
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OUR SUMMARY
Retail sales in the UK dropped more than expected in October compared to September, resulting in a weaker GBP at the start of the day. Today, PMI data from the UK, EU, and US will be released, offering fresh insights into the economic growth outlook for these regions. November’s figures are expected to shed light on each economy’s performance.
Heading into the weekend, market attention will remain on the evolving Russia-Ukraine situation, with a focus on whether investors continue to seek refuge in USD and JPY.
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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) 20 3371 9200 or email osman@magnafinancial.com.
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