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Home > Market Watch > EU & UK News > Fri March 1, 2024

Daily Insights
March 1, 2024

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  • The US dollar advanced last night against major peers after US PCE report showed that income and inflation came in strong in the month of January adding further reasons for the Federal Reserve to stay put for now.
  • The DXY is hovering the 104 level, again, as markets prepare for today’s S&P Global manufacturing PMI and U. Michigan sentiment.

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  • The Euro advances this morning against the greenback, holding above 1.08. There are a few manufacturing prints across the Euro-area to be released, including Eurozone, Germany, and France.
  • As we approach the end of this week, the market has started to prepare for next week’s European Central Bank meeting and key US Data, such as the payrolls report. The options market sees further pain for the pair with the 10day call-put ratio suggesting that the common currency could extend losses. One-week implied volatility in EUR/USD rises for the fifth consecutive day, and rises to 7.02%, the highest level since 7th of February.

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  • Cable continues to hold above the 1.26 level as it starts the day gaining against the greenback. There is further evidence that the housing market is gaining momentum, with the latest UK Nationwide house price index showing a continuous growth as the change in the interest rate outlook invited many buyers back into the market. UK House prices rose by 0.7% MoM in February.

Economic Calendar

01 Mar 2024
:
NZD - RBNZ Gov Orr Speaks
:
JPY - Final Manufacturing PMI
:
USD - FOMC Member Williams Speaks
:
CNY - Manufacturing PMI
:
CNY - Non-Manufacturing PMI
:
CNY - Caixin Manufacturing PMI
:
JPY - Consumer Confidence
:
AUD - Commodity Prices y/y
:
GBP - Nationwide HPI m/m
:
CHF - Retail Sales y/y
:
EUR - Spanish Manufacturing PMI
:
CHF - Manufacturing PMI
:
EUR - Italian Manufacturing PMI
:
EUR - French Final Manufacturing PMI
:
EUR - German Final Manufacturing PMI
:
EUR - Final Manufacturing PMI
:
EUR - Italian Monthly Unemployment Rate
:
GBP - Final Manufacturing PMI
:
EUR - Core CPI Flash Estimate y/y
:
EUR - CPI Flash Estimate y/y
:
EUR - Italian Prelim CPI m/m
:
EUR - Unemployment Rate
:
GBP - MPC Member Pill Speaks
:
CAD - Manufacturing PMI
:
USD - Final Manufacturing PMI
:
USD - ISM Manufacturing PMI
:
USD - Revised UoM Consumer Sentiment
:
USD - ISM Manufacturing Prices
:
USD - Construction Spending m/m
:
USD - Revised UoM Inflation Expectations
:
USD - Wards Total Vehicle Sales
:
USD - FOMC Member Waller Speaks
:
USD - FOMC Member Bostic Speaks
:
USD - Fed Monetary Policy Report
:
USD - FOMC Member Daly Speaks
:
USD - FOMC Member Kugler Speaks

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85659 0.85575
gbp/usd 1.26354 1.26229
gbp/aud 1.94312 1.93864
gbp/nzd 2.07536 2.07165
usd/jpy 150.48 150.058
eur/usd 1.08217 1.0805
gbp/jpy 190.033 189.47
eur/cnh 7.80294 7.7847
usd/cnh 7.2112 7.20411
Equities and Commodities
Nasdaq 100 18115.7
DOW 39029.9
S&P 500 5107.65
BRENT CRUDE 82.15
WTI 78.42
GOLD 2048.35

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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