Marketwatch EU & UK

Daily Insights
March 26, 2024

  • The dollar index is little changed as investors continue to mull over recent Fed speak attempting to calculate when the FOMC will be able to cut interest rates. Overnight the market reacted to comments from Masato Kanda, Japan’s top FX diplomat, who warned that appropriate steps would be taken to respond to excessive weakness of the Japanese yen without excluding any measures. Initially the market took this as a form of verbal intervention, pushing USDJPY lower, however this soon reversed as traders digested all the related headlines.
  • Data released this morning showed that Germany’s Gfk consumer confidence index rose more than economists were expecting in April. The print rose to -27.4 (estimate -28.0) from a revised -28.8 in March. The release has done little to EURUSD, with the pair continuing to consolidate in the mid 1.08’s. Solid support remains around 1.08, with the pair currently capped at 1.0920 as markets await further euro area inflation data in the coming days.
  • This afternoon the attention shifts to the US as we await the release of Durable Goods Orders and Consumer Confidence data. The Fed continues to ‘data watch’ and the confidence felt by consumers is a key metric of whether the US economy achieves a hard or soft landing. Consumers remain wary of ongoing labor market conditions with job creation continuing to be volatile despite layoff’s remaining low.

Economic Calendar

JPY - BOJ Core CPI y/y
EUR - German GfK Consumer Climate
EUR - German 10-y Bond Auction
CAD - Gov Council Member Rogers Speaks
USD - Core Durable Goods Orders m/m
USD - Durable Goods Orders m/m
USD - S&P/CS Composite-20 HPI y/y
USD - HPI m/m
USD - CB Consumer Confidence
USD - Richmond Manufacturing Index
AUD - MI Leading Index m/m

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85785 0.85739
gbp/usd 1.26482 1.26338
gbp/aud 1.93455 1.92929
gbp/nzd 2.10698 2.10251
usd/jpy 151.444 151.214
eur/usd 1.08486 1.08358
gbp/jpy 191.466 191.205
eur/cnh 7.86115 7.84595
usd/cnh 7.25401 7.23438
Equities and Commodities
Nasdaq 100 18344.4
DOW 39382.5
S&P 500 5235.57
WTI 82
GOLD 2173.29

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.