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Home > Market Watch > EU & UK News > Fri April 12, 2024

Daily Insights
April 12, 2024

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  • US Producer prices increased in March YoY by the most in almost a year. PPI for final demand grew 2.1% from March 2023 but monthly, increased 0.2%, less than it was previously estimated by economists. This gauge brings some comfort to investors after the release of the strong CPI report on Wednesday as several categories in the PPI contribute to the Fed’s preferred inflation measure – such as the personal consumption expenditures- which came in softer.
  • The US Dollar consolidates near a five-month high this morning following a busy week of traders paring Federal Reserve easing bets. The DXY trades at 105.43, up 0.14% on the day, +1.08% on the week, and +4.05% Year to date.

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  • The European Central Bank left rates unchanged at yesterday’s meeting and it has confirmed that it will likely cut in June but did not show any commitment on additional moves after that. The monetary policy decisions statement clearly stated that if the next round of forecasts from the ECB’s economists, which will be released in June, allows for an increase in confidence that inflation will continue to decelerate, then they will reduce interest rates.
  • The market has currently priced in at least 3 rate cuts of 25 basis points by year-end and the euro continues to fall to break through 1.07 this morning and testing 1.0695 support, dropping to the lowest level against the US Dollar since November.

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  • The sterling is also lower against the greenback, trading at 1.2526 and near a support at 1.2520 as UK GDP released this morning showed that the economy grew for a second month in February and that a recovery from the recession is under way. The euro fell against the sterling, with the pair currently trading 0.8533.

Economic Calendar

12 Apr 2024
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CNY - Trade Balance
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CNY - USD-Denominated Trade Balance
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JPY - Revised Industrial Production m/m
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EUR - German Final CPI m/m
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GBP - GDP m/m
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GBP - Construction Output m/m
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GBP - Goods Trade Balance
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GBP - Index of Services 3m/3m
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GBP - Industrial Production m/m
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GBP - Manufacturing Production m/m
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EUR - French Final CPI m/m
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GBP - MPC Member Greene Speaks
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CNY - New Loans
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CNY - M2 Money Supply y/y
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EUR - ECOFIN Meetings
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GBP - NIESR GDP Estimate
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USD - Import Prices m/m
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USD - Prelim UoM Consumer Sentiment
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USD - Prelim UoM Inflation Expectations
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USD - FOMC Member Bostic Speaks
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USD - FOMC Member Daly Speaks

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85451 0.85388
gbp/usd 1.25587 1.25341
gbp/aud 1.92254 1.91917
gbp/nzd 2.09357 2.0891
usd/jpy 153.295 152.962
eur/usd 1.07281 1.07048
gbp/jpy 192.397 192.02
eur/cnh 7.78532 7.7661
usd/cnh 7.25857 7.25169
Equities and Commodities
Nasdaq 100 18333.9
DOW 38522.4
S&P 500 5204.39
BRENT CRUDE 90.46
WTI 85.88
GOLD 2385.56

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.

About Francisco Mioludo

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Francisco Mioludo is a trader for GPS Capital Markets at the London office. Before joining GPS, Francisco worked in Market Risk at a commodity trading firm in London where he gained valuable skills for his current role. Francisco looks after our EU and UK sales team with everything from analysis to structuring and pricing.

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