Marketwatch EU & UK

Daily Insights
April 18, 2024

  • After rallying for the past five days, the US dollar lost ground against its G10 peers overnight driven by a fall in USDJPY. Tensions in the Middle East continue to drive risk appetite with markets remaining cautious over further escalation in the region. Aside from geopolitical risks yesterday markets were contending with headlines coming from the IMF’s spring meetings. There was some speculation that the Finance Ministers of the US, Japan, and South Korea held talks to discuss the recent sharp fall in the Japanese yen and Korean Won.
  • The dollar index slipped a touch helping to push USDJPY off its recent highs back toward 154. This also helped the pound and single currency to rally a little, however EURUSD continues to trade below 1.07 and cable remains capped at 1.25.
  • The outlook for US interest rates and the timing of potential cuts from the Fed keep the greenback elevated and yesterday Cleveland Fed President Loretta Mester said that monetary policy is in a good place, adding that the Fed should not be in a hurry to cut interest rates. Mester still expects inflation to fall further but wants to see more data to gain confidence that it is moving back towards the central banks 2% target. This afternoon we look forward to the release of weekly US jobless claims and the Philly Fed Business Outlook which is expected to show activity declining again after two months of expansion.

Economic Calendar

AUD - Employment Change
AUD - Unemployment Rate
AUD - NAB Quarterly Business Confidence
AUD - RBA Bulletin
JPY - Tertiary Industry Activity m/m
CHF - Trade Balance
CNY - Foreign Direct Investment ytd/y
EUR - Current Account
EUR - Spanish 10-y Bond Auction
EUR - German Buba Monthly Report
EUR - German Buba President Nagel Speaks
USD - Unemployment Claims
USD - Philly Fed Manufacturing Index
USD - FOMC Member Bowman Speaks
USD - FOMC Member Williams Speaks
USD - Existing Home Sales
USD - CB Leading Index m/m
All - IMF Meetings
USD - Natural Gas Storage
USD - FOMC Member Bostic Speaks
CHF - Gov Board Member Martin Speaks
JPY - National Core CPI y/y

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85681 0.85616
gbp/usd 1.24766 1.24472
gbp/aud 1.9357 1.93111
gbp/nzd 2.10745 2.10295
usd/jpy 154.408 153.95
eur/usd 1.06864 1.06641
gbp/jpy 192.484 191.895
eur/cnh 7.74172 7.7235
usd/cnh 7.25002 7.23993
Equities and Commodities
Nasdaq 100 17628.4
DOW 37874.6
S&P 500 5048.36
WTI 82.84
GOLD 2379.46

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 Simon Walker


Simon Walker is head of the GPS Capital Markets trade desk in our London office where he is responsible for covering market risk in European hours. He has over 25 years’ experience in foreign exchange, working in both sales and trading.