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Home > Market Watch > EU & UK News > Thu January 18, 2024

Daily Insights
January 18, 2024

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  • Yesterday’s stronger-than-expected US Retail sales data brought fresh new doubts for the possibility of a rate cut in March by the Federal Reserve. Treasuries advanced and the US Dollar registered the first decline in 5days, with the DXY losing -0.18% this morning, and currently trading at 103.25.
  • Swaps pricing now show a likelihood of only 60% chance of a rate cut for the March meeting, which is down from 80% last Friday. This decline followed comments from Fed officials and many C-level executives at Davos, who have pushed back against market expectations for any immediate cuts.

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  • The market is still in risk-off specially as tensions in the Red Sea continue to build up, but the Euro and the Pound have taken advantage of some greenback weakness (for now…) with Cable trading near 1.27 and EUR/USD advancing 0.1% to trade at 1.0895.

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  • Oil futures moved higher after the US launched another round of strikes on Houthi targets in Yemen overnight as militant groups continue to attack ships on the Red Sea.

Economic Calendar

18 Jan 2024
:
AUD - MI Inflation Expectations
:
GBP - RICS House Price Balance
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AUD - Employment Change
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AUD - Unemployment Rate
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JPY - Revised Industrial Production m/m
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EUR - Current Account
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CNY - Foreign Direct Investment ytd/y
:
All - WEF Annual Meetings
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GBP - BOE Credit Conditions Survey
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CHF - SNB Chairman Jordan Speaks
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EUR - ECB Monetary Policy Meeting Accounts
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USD - FOMC Member Bostic Speaks
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USD - Unemployment Claims
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USD - Building Permits
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USD - Philly Fed Manufacturing Index
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USD - Housing Starts
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EUR - ECB President Lagarde Speaks
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AUD - CB Leading Index m/m
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USD - Natural Gas Storage
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USD - Crude Oil Inventories
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NZD - BusinessNZ Manufacturing Index
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NZD - Visitor Arrivals m/m
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JPY - National Core CPI y/y

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85915 0.85834
gbp/usd 1.27039 1.26711
gbp/aud 1.94171 1.93198
gbp/nzd 2.07546 2.06857
usd/jpy 148.252 147.688
eur/usd 1.09068 1.08802
gbp/jpy 187.933 187.564
eur/cnh 7.86657 7.854
usd/cnh 7.22233 7.20668
Equities and Commodities
Nasdaq 100 16768.4
DOW 37266.6
S&P 500 4742.55
BRENT CRUDE 78.35
WTI 73.19
GOLD 2012.7

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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