Marketwatch EU & UK

Daily Insights
April 26, 2024

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  • US GDP for the first quarter came in softer than estimated but removing inventories and trade, sales to domestic purchasers continued to contribute to inflationary pressures. Real GDP for 1Q cooled to 1.6% (vs. 3.4% prior and, 2.5% estimate). Along with this data, Fed’s preferred gauge for inflation, Core PCE Price Index, gave us a strong signal that inflationary pressures still reside in the US economy, advancing to 3.7% QoQ (vs. 2.0% prior).
  • Markets immediately reacted and traders have now moved the first fully priced in rate cut to December, from November. The June cut is now seen at a little 13.5% chance.
  • Next week, Fed Chair Jerome Powell is due to speak at the April 30-1 May FOMC meeting where many analysts suggest that a hawkish pivot will me made following March’s hot inflation prints which certainly contributed to reduce confidence among FOMC members that inflation is heading towards the 2% goals.
  • The US Dollar Index is little changed at 105.58, lower -0.02% on the day.

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  • The Bank of Japan left interest rates unchanged and failed to signal any bond/buying to support the currency, sending the yen to weaken past the 156 level against the US dollar.

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  • GBP/USD currently trades at 1.25, roughly where we closed yesterday while the Euro advances towards 1.0740 from today’s low of 1.0719.

Economic Calendar

AUD - Import Prices q/q
AUD - PPI q/q
JPY - BOJ Policy Rate
JPY - Monetary Policy Statement
JPY - BOJ Outlook Report
JPY - BOJ Press Conference
EUR - Spanish Unemployment Rate
CHF - SNB Chairman Jordan Speaks
EUR - M3 Money Supply y/y
EUR - Private Loans y/y
USD - Core PCE Price Index m/m
USD - Personal Income m/m
USD - Personal Spending m/m
USD - Revised UoM Consumer Sentiment
USD - Revised UoM Inflation Expectations

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85795 0.85746
gbp/usd 1.25096 1.24937
gbp/aud 1.91809 1.91123
gbp/nzd 2.0995 2.09527
usd/jpy 156.217 155.396
eur/usd 1.07291 1.07184
gbp/jpy 195.334 194.336
eur/cnh 7.78939 7.779
usd/cnh 7.26314 7.25472
Equities and Commodities
Nasdaq 100 17654.9
DOW 38188.7
S&P 500 5098.13
WTI 84.01
GOLD 2339.73

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


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.