Marketwatch EU & UK

Daily Insights
March 12, 2024

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  • US equity markets ended yesterday mixed and bonds extended losses ahead of today’s US Inflation data. US consumer prices, according to many economists, won’t be enough to convince Federal Reserve officials that it is safe to start cutting interest rates – Core CPI (the gauge that excludes food and energy) likely rose by 0.3% vs. prior 0.4% in February, and YoY ticked up 3.7% vs. prior 3.9%.
  • The US Dollar is unchanged this morning against major peers as we prepare for today’s data. The DXY currently trades at 102.81.

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  • Wage data in the UK released earlier came in softer than expected, with average earnings increasing but at a slower pace at 5.6% vs. 5.7% estimate. Unemployment, however, rose to 3.9% vs. 3.8% estimated which gives out a mixed idea of what is currently happening with the UK labour market.
  • The Pound dropped on the news but should not be enough to take us from current levels as BOE’s Governor Andre Bailey previously raised doubts about the quality of this data.

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  • The euro continues to hold above 1.09 after Germany inflation data came in line with economists’ estimates. CPI YoY rose 2.5% and CPI MoM advanced 0.4%, both in line with the previous month prints too.

Economic Calendar

AUD - NAB Business Confidence
EUR - German Final CPI m/m
GBP - Claimant Count Change
GBP - Average Earnings Index 3m/y
GBP - Unemployment Rate
CNY - New Loans
CNY - M2 Money Supply y/y
EUR - ECOFIN Meetings
USD - NFIB Small Business Index
GBP - MPC Member Mann Speaks
USD - Core CPI m/m
USD - CPI m/m
USD - CPI y/y
GBP - CB Leading Index m/m
GBP - BOE Gov Bailey Speaks
USD - 10-y Bond Auction
USD - Federal Budget Balance
NZD - FPI m/m

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.8543 0.85256
gbp/usd 1.28234 1.28008
gbp/aud 1.93937 1.93552
gbp/nzd 2.07934 2.0751
usd/jpy 147.596 146.617
eur/usd 1.0939 1.09268
gbp/jpy 189.196 187.974
eur/cnh 7.85794 7.8412
usd/cnh 7.1854 7.17491
Equities and Commodities
Nasdaq 100 18069.3
DOW 38826.8
S&P 500 5141.22
WTI 78.26
GOLD 2175.62

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.