Marketwatch EU & UK

Daily Insights
January 23, 2024

  • flag european union 1f1ea 1f1faThe single currency slipped against the US dollar overnight before rallying, with EURUSD bouncing off support around 1.0880 to once again trade above 1.09 at the time of writing. The dollar index dropped a touch, with US treasury yields slipping, helping GBPUSD to remain mid recent range above 1.27. Range trading is likely in the next few days ahead of Thursday’s ECB meeting and US data coming towards the end of the week.
  • flag japan 1f1ef 1f1f5The first major central bank meeting of the year came and went with few fireworks, as the Bank of Japan kept markets guessing over just when it will shift policy. The BoJ kept its negative policy for now, and at the same time hinted that it is getting more confident about hitting its inflation target. The central bank maintained its -0.1% rate, keeping yield curve controls in place and cut its inflation forecast for the fiscal year. USDJPY slipped as Governor Ueda started his speech, however much of the move can be attributed to USDCNH which is leading the way in Asia trading.
  • flag china 1f1e8 1f1f3The Chinese yuan fell overnight after reports that Chinese authorities are considering a package of measures to stabilise the falling stock market. The measures come after the benchmark stock index fell to a five-year low, with policymakers looking to mobilise around 2 trillion yuan ($278 billion) as part of a stabilisation fund to support markets and calm retail investors who have also been impacted by the ongoing property downturn.

Economic Calendar

AUD - NAB Business Confidence
JPY - Monetary Policy Statement
JPY - BOJ Policy Rate
JPY - BOJ Outlook Report
JPY - BOJ Core CPI y/y
JPY - BOJ Press Conference
GBP - Public Sector Net Borrowing
CAD - NHPI m/m
EUR - Consumer Confidence
USD - Richmond Manufacturing Index
NZD - CPI q/q
AUD - Flash Manufacturing PMI
AUD - Flash Services PMI
AUD - MI Leading Index m/m
JPY - Trade Balance

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85635 0.85573
gbp/usd 1.27471 1.2706
gbp/aud 1.93425 1.92714
gbp/nzd 2.09251 2.08355
usd/jpy 148.549 146.976
eur/usd 1.09146 1.08757
gbp/jpy 188.912 187.342
eur/cnh 7.8347 7.8082
usd/cnh 7.19961 7.16225
Equities and Commodities
Nasdaq 100 17364.5
DOW 38019
S&P 500 4856.34
WTI 74.95
GOLD 2029.46

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.