Marketwatch EU & UK

Daily Insights
June 7, 2024

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  • The European Central Bank finally cut interest rates, a move that was widely expected by the markets. The central bank said it is not “pre-committing” to any further moves but expressed its discomfort with increased cost pressures.
  • The deposit rate was lowered by 25 basis points to 3.75%, as estimated, even as officials raised inflation forecasts for 2024 and 2025.
  • Christine Lagarde hinted for a July cut and a potential move in September, but the monetary policy decisions statement highlighted a more cautious note on wage growth in June than it did at the April meeting. This change in tone is likely to push the next cut to September, rather than July.
  • The euro is unchanged continuing to hover the 1.09 level. Next resistance sits at 1.0915.

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  • The US Dollar Index is muted as traders wait for US jobs report later today which should provide further guidance on the Fed’s policy path.
  • The June FOMC meeting next week is widely expected to be the most pivotal in 2024 with many economists expecting the Fed to pencil in two cuts for this year, one in September and another in December (a November cut is unlikely to materialize due to presidential elections). The attention, after today’s employment data, shifts to the dot-plot coming out of the June meeting.

Economic Calendar

AUD - ANZ Job Advertisements m/m
CNY - Trade Balance
CNY - USD-Denominated Trade Balance
AUD - RBA Deputy Gov Hauser Speaks
JPY - Leading Indicators
EUR - German Industrial Production m/m
EUR - German Trade Balance
GBP - Halifax HPI m/m
EUR - French Trade Balance
CHF - Foreign Currency Reserves
EUR - German Buba President Nagel Speaks
EUR - Final Employment Change q/q
EUR - Revised GDP q/q
EUR - European Parliamentary Elections
CAD - Employment Change
CAD - Unemployment Rate
CAD - Capacity Utilization Rate
USD - Average Hourly Earnings m/m
USD - Non-Farm Employment Change
USD - Unemployment Rate
USD - Final Wholesale Inventories m/m
USD - FOMC Member Cook Speaks
USD - Consumer Credit m/m

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85202 0.85131
gbp/usd 1.27922 1.27816
gbp/aud 1.91945 1.9153
gbp/nzd 2.0666 2.06177
usd/jpy 155.936 155.33
eur/usd 1.08978 1.08867
gbp/jpy 199.37 198.609
eur/cnh 7.90968 7.8964
usd/cnh 7.26124 7.25284
Equities and Commodities
Nasdaq 100 19053.9
DOW 38946.4
S&P 500 5360.81
WTI 75.69
GOLD 2375.41

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.