Marketwatch EU & UK

Daily Insights
February 27, 2024

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  • The US Dollar is little changed as equity markets struggle to find direction ahead of a data rich week. Federal Reserve Bank of Kansas President Jeffrey Schmid stated last night that the Fed should be patient regarding interest rate cuts with inflation still ticking above the 2% target and a resilient job market.
  • The US Government is approaching another possible shutdown unless the Congress approves new funding by the beginning of March. Moody’s rating agency is the only one that still holds a AAA rating for the US and a shutdown could impact that, potentially impacting credit accessibility in the future.

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  • Cable continues to grind higher but we’re struggling to get past 1.27. Inflation in UK shops fell to the lowest in nearly two years, rising 2.5% in February YoY, compared with a 2.9% annual increase in the previous month, according to the British Retail Consortium. The easing of supply chain pressures and a fall in the price of energy and fertilizers were among the key drivers for it.

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  • The euro currently trades at 1.0858, slightly higher again today, following comments from the European Central Bank President Christine Lagarde to European Union Lawmakers in Strasbourg. Lagarde stated that although inflation is retreating in the euro area, policy makers need actual evidence that the price pressures are returning to the 2% goal.

Economic Calendar

GBP - BRC Shop Price Index y/y
EUR - German GfK Consumer Climate
EUR - M3 Money Supply y/y
EUR - Private Loans y/y
USD - Durable Goods Orders m/m
USD - Core Durable Goods Orders m/m
GBP - MPC Member Ramsden Speaks
USD - S&P/CS Composite-20 HPI y/y
USD - HPI m/m
USD - FOMC Member Barr Speaks
USD - CB Consumer Confidence
USD - Richmond Manufacturing Index

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85605 0.8553
gbp/usd 1.2687 1.2674
gbp/aud 1.94282 1.93574
gbp/nzd 2.06082 2.05568
usd/jpy 150.608 150.404
eur/usd 1.08552 1.08452
gbp/jpy 190.979 190.72
eur/cnh 7.82651 7.816
usd/cnh 7.2119 7.20583
Equities and Commodities
Nasdaq 100 17922.9
DOW 39077.7
S&P 500 5070.81
WTI 77.73
GOLD 2034.88

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.