Marketwatch EU & UK

Daily Insights
January 15, 2024

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  • US Financial markets are closed due to Martin Luther King Jr. Day ahead of a busy week of data. The US dollar is steady after advancing last week following a re-price of the Fed’s interest rate path and on hawkish comments from policymakers. The US Dollar Index (DXY) trades at 102.45, up 0.21% in the last five days.
  • This week will bring fresh new data in economic activity, that several Fed surveys have already shown that is deteriorating across many sectors. The Fed’s Beige book is also due, which triggered the talk of cuts in the December FOMC meeting after reporting significant decline in activity in two thirds of the federal districts.
  • Key data/events to watch this week in the US: Empire Manufacturing Survey (Tue.); Retail Sales (Wed.); Industrial Production (Wed.); Fed’s Beige Book (Wed.); Initial Jobless Claims (Thu.); U. Michigan Sentiment (Fri.)

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  • The Euro is lower against the greenback but continues to trade mid 1.09-1.10. Main support remains at 1.0880 and main resistance around 1.1010.
  • Key data/events to watch this week in the Euro-area: Euro-area Industrial Production (Mon.); Germany ZEW Survey (Tue.); Euro-Area Final CPI Inflation (Wed.); ECB Monetary Policy Account (Thu.)

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  • Busy week for the UK with a lot of important data coming out on inflation, wages, and activity gauges. Sterling trades at 1.2750 against the US Dollar and this week’s data should dictate what is next for the pair. EUR/GBP is the one to watch and if we are continuing to trend lower. Next level is the support around 0.8580, followed by 0.8550.
  • Key data/events to watch this week in the UK: UK Average Weekly earnings Excl. Bonus (Tue.); UK CPI Inflation (Wed.); UK Retail Sales (Fri.)

Economic Calendar

GBP - Rightmove HPI m/m
AUD - MI Inflation Gauge m/m
AUD - ANZ Job Advertisements m/m
JPY - Prelim Machine Tool Orders y/y
EUR - German WPI m/m
EUR - Italian Trade Balance
All - WEF Annual Meetings
EUR - Industrial Production m/m
EUR - Trade Balance
EUR - Eurogroup Meetings
USD - Bank Holiday
CAD - Manufacturing Sales m/m
CAD - Wholesale Sales m/m
CAD - BOC Business Outlook Survey
NZD - NZIER Business Confidence
AUD - Westpac Consumer Sentiment
JPY - PPI y/y

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.86009 0.85618
gbp/usd 1.27654 1.27283
gbp/aud 1.91158 1.90043
gbp/nzd 2.0543 2.03409
usd/jpy 145.551 144.694
eur/usd 1.09674 1.09406
gbp/jpy 185.482 184.198
eur/cnh 7.87797 7.8628
usd/cnh 7.19136 7.17376
Equities and Commodities
Nasdaq 100 16888.8
DOW 37614.8
S&P 500 4790.88
WTI 72.67
GOLD 2054.47

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.