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Dollar Slips as Hormuz Deal Hopes Lift Market Sentiment

Growing optimism over an interim agreement to reopen the Strait of Hormuz has led to Dollar weakness overnight, easing concerns to inflation worries globally. In light of this, we have also seen Gold extend its gains for a third-straight session as Qatar stated a proposal had been drafted, with reports suggesting that Washington, Tehran and Oman were close to finalising the agreement. Which could be announced as early as today.

The possibility of lower Oil prices as we move into the winter months, albeit dependant on any deal being agreed has seen markets scale back their expectations surrounding Federal Reserve interest rates. Just as early as last week, markets were pricing in two rate hikes by the end of the year, but this has now been halved. With just the one rate hike now forecast over the next 5 months.

Switching our focus to economic data, today is a relatively quiet day. We have already had a basket of PMI data released across Europe & The UK, with positive figures across the board. The data of importance today comes in the form of ADP Employment Change in The U.S, and ISM Services PMI. The U.S job’s market right now is extremely skewed, with ADP Employment Change set to come in 28,000 lower than previous, but both Non-Farm and the Unemployment rate set to increase which could create some uncertainty for US Dollar pairs.

GBP/EUR 1.1653 GBP/USD 1.3445 GBP/AED 4.9405

GBP/AUD 1.9095 GBP/CHF 1.0889 GBP/CAD 1.8926
GBP/NZD 2.2948 EUR/USD 1.1523 GBP/ZAR 22.0849

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