Marketwatch EU & UK

Daily Insights
February 9, 2024

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  • The US Dollar is set to post its sixth weekly gain as Federal Reserve officials continue to push back on interest rate cuts this year and on resilient US activity gauges. Many policymakers still forecast less cuts than what the market is currently pricing (at least 5 cuts by the end of January 2025). Fed’s Bank of Richmond President, Thomas Barkin, stated that policymakers have time to weigh the timing of rate cuts, pointing to a strong jobs market and continued disinflation.

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  • The euro is gaining this morning but is consolidating under 1.08 as investors prepare for the final print of Germany’s CPI for January. CPI MoM is estimated at 0.2% (vs. 0.2% prior) and CPI YoY at 2.9% (vs. prior 2.9%). The momentum remains bearish for the pair, and the next support is seen at 1.0724 followed by 1.0655.

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  • Quiet day for the sterling but it edges higher against the greenback, holding above 1.26 at 1.2628. We flirted under the key level at 1.26 yesterday but got stopped near 1.2565 (200D MA) and we are now back trading on the 1.26-1.28 range (again!), where the pair has been stuck since early December 2023.


Around the world 🌎

  • NZD/USD advanced 0.5% to trade above 0.61, hitting a 1-week high after the ANZ Bank said it expects to hike interest rates at least twice this year.
  • AUD/USD is little changed today, continuing to trade near the 0.65 level.
  • USD/JPY trades mid 149-149.50.

Economic Calendar

EUR - German Final CPI m/m
CNY - New Loans
CNY - M2 Money Supply y/y
EUR - Italian Industrial Production m/m
EUR - German Buba President Nagel Speaks
CAD - Employment Change
CAD - Unemployment Rate

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.8541 0.85352
gbp/usd 1.26259 1.26113
gbp/aud 1.94441 1.94044
gbp/nzd 2.06646 2.05848
usd/jpy 149.489 149.235
eur/usd 1.07786 1.07693
gbp/jpy 188.572 188.327
eur/cnh 7.77977 7.762
usd/cnh 7.21823 7.20679
Equities and Commodities
Nasdaq 100 17796.9
DOW 38706.2
S&P 500 4998.71
WTI 76.2
GOLD 2033.82

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.