Marketwatch EU & UK

Daily Insights
January 9, 2024

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  • The US Dollar looks set for more losses as US CPI Data this week could concerns investors about a deeper disinflation. Recent labour market indicators have shown that the jobs market is starting to cool while Fed’s 1 Year inflation expectations have fallen to the lowest in three years. US CPI on Thursday will be key, and a lower print should trigger yields and USD selling.
  • Fed’s Governor Michelle Bowman stated that inflation could fall towards the central bank’s 2% target with interest rates held at current levels but offered a potential backing on interest rate cuts if price pressures decline.

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  • In Europe, we wait for Eurozone unemployment rate and Germany industrial production. EUR/USD continues to consolidate above 1.09, currently trading above 1.0950. EUR/GBP trades near the 0.86 level, after losing for three consecutive days.

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  • In the UK, the market is now looking forward to Friday’s Industrial and Manufacturing production prints. The sterling trades at 1.2750 against the greenback, and any moves before Friday should be US Dollar driven.

Economic Calendar

GBP - BRC Retail Sales Monitor y/y
AUD - Retail Sales m/m
AUD - Building Approvals m/m
CHF - Unemployment Rate
EUR - German Industrial Production m/m
EUR - French Trade Balance
CHF - Foreign Currency Reserves
EUR - Italian Monthly Unemployment Rate
EUR - Unemployment Rate
USD - NFIB Small Business Index
CAD - Building Permits m/m
CAD - Trade Balance
USD - Trade Balance
USD - RCM/TIPP Economic Optimism
USD - FOMC Member Barr Speaks
JPY - Average Cash Earnings y/y

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.86 0.85864
gbp/usd 1.2765 1.2734
gbp/aud 1.90084 1.89495
gbp/nzd 2.04294 2.03628
usd/jpy 144.258 143.421
eur/usd 1.09663 1.0946
gbp/jpy 183.825 183.018
eur/cnh 7.85867 7.8409
usd/cnh 7.17252 7.15617
Equities and Commodities
Nasdaq 100 16640.7
DOW 37647.6
S&P 500 4762.46
WTI 70.84
GOLD 2034.05

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.