Marketwatch EU & UK

Daily Insights
June 4, 2024

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  • The yen lost against the greenback as traders digest comments from Japan’ Finance minister Shunichi Suzuki on currency intervention. USD/JPY advanced 0.2% to trade at 156.34, after Suzuki confirmed BOJ’s intervention in the market to contain excessive FX moves. This rise in the pair is likely to be short lived as there is a lot of cautious when it comes to intervention.

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  • The US Dollar and Treasury Yields ended yesterday on the red as traders wait for further US data this week to gauge pending US interest rate cuts this year. Lower than expected prints and a consistent cool in the US jobs market should open the door for the US Dollar to trade lower and break into fresh lower ranges.

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  • Strong economic data in Europe and ECB hawks are pushing some analysts and investors to dial back on their expectations for interest-rate cuts this year. Many economists still expect quarterly reductions this year following this week’s widely expected move but sticky inflation, rapid wage growth and surprising euro-zone output could represent a constraint in monetary loosening.
  • The euro trades close to 1.09 this morning, briefly trading at 1.0916.

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  • GBP/USD currently hovers the 1.28 level and a solid break of this level sets the pair for the next resistance level at 1.2850.

Economic Calendar

AUD - Company Operating Profits q/q
AUD - Current Account
AUD - ANZ Job Advertisements m/m
JPY - 10-y Bond Auction
CHF - CPI m/m
EUR - French Gov Budget Balance
EUR - Spanish Unemployment Change
EUR - German Unemployment Change
USD - JOLTS Job Openings
USD - Factory Orders m/m
USD - RCM/TIPP Economic Optimism
NZD - GDT Price Index
NZD - Overseas Trade Index q/q
JPY - Average Cash Earnings y/y

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85191 0.85138
gbp/usd 1.28177 1.27977
gbp/aud 1.9203 1.9131
gbp/nzd 2.0723 2.0676
usd/jpy 156.485 155.977
eur/usd 1.09159 1.09011
gbp/jpy 200.418 199.703
eur/cnh 7.91852 7.9062
usd/cnh 7.25879 7.24739
Equities and Commodities
Nasdaq 100 18597.1
DOW 38543.4
S&P 500 5285.1
WTI 73.46
GOLD 2350.62

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.