Marketwatch EU & UK

Daily Insights
April 2, 2024

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  • The US Dollar continues to grind higher to hold at its strongest level since February. February’s core PCE gauge, the Fed’s preferred inflation print, showed that inflation is in line with the Fed’s expectations, indicating that the committee could still be on track to cut interest rates in June should economic conditions continue to soften.
  • Bond traders however have now priced in less monetary policy easing for the Federal Reserve this year, setting the odds for a June cut at below 50%, as a gauge of US Manufacturing activity showed expansion for the first time since 2022.
  • This week we will have US Jobs data for March where we should expect to see hiring slowed in certain sectors ( JOLTS Job Openings – Tue. )
  • The US Dollar Index trades at 105.07, posting a +0.83% gain in the past 5 days and +3.69% YTD.

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  • The euro falls for a second day against the greenback as investors prepare for Germany’s CPI release later today as it will be a key indicator for this week’s Eurozone CPI. The pair continues to trade lower at 1.0730, slowly approaching the 1.07 level.
  • ECB Minutes will be released later this week and should be key for any clues about the path of rate cuts for the central bank.

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  • It will be a quiet week in the United Kingdom, with the Sterling dependent on US Dollar moves. GBP/USD falls to trade mid 1.25-1.26.

Economic Calendar

AUD - MI Inflation Gauge m/m
AUD - Monetary Policy Meeting Minutes
AUD - ANZ Job Advertisements m/m
JPY - 10-y Bond Auction
AUD - Commodity Prices y/y
GBP - Nationwide HPI m/m
EUR - German Prelim CPI m/m
CHF - Retail Sales y/y
EUR - Spanish Unemployment Change
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
GBP - Final Manufacturing PMI
GBP - M4 Money Supply m/m
GBP - Mortgage Approvals
GBP - Net Lending to Individuals m/m
USD - JOLTS Job Openings
USD - Factory Orders m/m
USD - FOMC Member Bowman Speaks
USD - Wards Total Vehicle Sales
NZD - GDT Price Index
USD - FOMC Member Williams Speaks
USD - FOMC Member Mester Speaks
USD - FOMC Member Daly Speaks

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85583 0.85519
gbp/usd 1.25493 1.25393
gbp/aud 1.93421 1.93039
gbp/nzd 2.11064 2.10665
usd/jpy 151.8 151.499
eur/usd 1.07389 1.07247
gbp/jpy 190.449 190.039
eur/cnh 7.79887 7.7877
usd/cnh 7.26623 7.25701
Equities and Commodities
Nasdaq 100 18285.8
DOW 39452.6
S&P 500 5241.63
WTI 84.25
GOLD 2254.99

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.