Marketwatch EU & UK

Daily Insights
January 16, 2024

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  • The US Dollar gains along with Treasury Yields as the US returns from Monday’s holiday after hawkish comments from ECB official, Robert Holzmann, pushed back on bets against early rate cuts and warned that cuts are not guaranteed in 2024 against the fall in inflation and geopolitical risks.
  • Traders now look forward to Fed’s Governor Christopher Waller speech later today on whether there will be more repel for any possible rate cut in March. The US Dollar Index (DXY) currently trades at 102.96, up +0.68% in the last 5 days, and +1.60% YTD.

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  • Euro is lower this morning currently trading around 1.0920 after ECB hawks took over the show last night, and any dovish comments made by Joachim Nagel were ignored. Germany, Italy, and Ireland inflation reports are due today.

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  • In the UK, wage growth has eased once again at one of the quickest paces on record, but it is still likely to represent a threat to the Bank of England’s inflation goal. UK’s Sep-Nov. average wages without bonus rose to +6.5%, vs. est. +6.8 %. The sterling has lost on the data release, dropping as much as 0.5% against the greenback, currently trading around 1.2680. Euro-Sterling has advanced from yesterday’s low of 0.8587, to touch 0.8620.

Economic Calendar

EUR - German Final CPI m/m
GBP - Claimant Count Change
GBP - Average Earnings Index 3m/y
GBP - Unemployment Rate
CNY - Foreign Direct Investment ytd/y
All - WEF Annual Meetings
EUR - German ZEW Economic Sentiment
EUR - ZEW Economic Sentiment
EUR - ECOFIN Meetings
CAD - Housing Starts
CAD - CPI m/m
CAD - Median CPI y/y
CAD - Trimmed CPI y/y
CAD - Common CPI y/y
CAD - Core CPI m/m
USD - Empire State Manufacturing Index
GBP - BOE Gov Bailey Speaks
NZD - GDT Price Index
USD - FOMC Member Waller Speaks

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.86186 0.86028
gbp/usd 1.2717 1.26606
gbp/aud 1.91829 1.91173
gbp/nzd 2.05892 2.05267
usd/jpy 146.271 145.584
eur/usd 1.09461 1.09124
gbp/jpy 185.507 184.959
eur/cnh 7.86825 7.8466
usd/cnh 7.19854 7.18378
Equities and Commodities
Nasdaq 100 16750.2
DOW 37452.4
S&P 500 4766.75
WTI 72.57
GOLD 2049.56

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.