Marketwatch EU & UK

Daily Insights
April 5, 2024

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  • All eyes are on today’s US nonfarm payrolls data, which economists expect to show mor e than 200,000 jobs were added to the economy in the previous month. A strong NFP print could poise the Federal Reserve to keep interest rates higher for longer, but the markets will be looking for the right balanced number that won’t give the Fed any reasons to delay cuts and that it doesn’t suggest the labour market is taking a downturn.
  • The US Dollar is set to trim its 3-day loss streak as we wait for today’s data release and as risk-on sentiment fades amid geopolitical tensions in the Middle East. The DXY trades at104.29, bouncing back from yesterday’s low at 103.915. Brent crude edged higher towards $91 per barrel, the highest since October 2023.

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  • ECB minutes for the March 6-7 meeting suggested an interest rate cut by June time and several to follow later in the year. “The case for considering rate cuts was strengthening” the minutes stated, but we still believe the central bank will act cautiously from June onwards, perhaps pausing after in July, as it fears about wage growth development.
  • Busy day in Europe with Eurozone retail sales, Germany factory orders, France Industrial and manufacturing production and construction PMIs for the UK and Germany. Both the Euro and the sterling dropped against the greenback, falling towards 1.08 and 1.26, respectively.

Economic Calendar

CNY - Bank Holiday
AUD - Goods Trade Balance
JPY - Leading Indicators
EUR - German Factory Orders m/m
EUR - German Import Prices m/m
GBP - Halifax HPI m/m
EUR - French Industrial Production m/m
CHF - Foreign Currency Reserves
CHF - SECO Consumer Climate
GBP - Construction PMI
GBP - Housing Equity Withdrawal q/q
EUR - Retail Sales m/m
CAD - Employment Change
CAD - Unemployment Rate
USD - Average Hourly Earnings m/m
USD - Non-Farm Employment Change
USD - Unemployment Rate
USD - FOMC Member Barkin Speaks
CAD - Ivey PMI
USD - FOMC Member Bowman Speaks
USD - Consumer Credit m/m

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85771 0.85712
gbp/usd 1.26486 1.26202
gbp/aud 1.92372 1.91821
gbp/nzd 2.10165 2.0966
usd/jpy 151.341 150.81
eur/usd 1.0844 1.08232
gbp/jpy 191.266 190.669
eur/cnh 7.85699 7.8402
usd/cnh 7.25285 7.24238
Equities and Commodities
Nasdaq 100 17932.2
DOW 38662.6
S&P 500 5163.06
WTI 86.95
GOLD 2279.7

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.