Marketwatch EU & UK

Daily Insights
March 5, 2024

  • It has been a quiet start to the week as markets await the 3 P’s – politics, Powell and payrolls. Super Tuesday is the first of the P’s later today as voters in the US choose candidates for this year’s Presidential elections, which looks set to be another Trump v Biden contest. Powell’s testimony before Congress and the US Non-farm Payroll jobs report come later in the week as currency markets tread water ahead of these key events.
  • EURUSD is little changed, continuing to trade mid-1.08, with support at 1.08 holding steady and resistance at 1.0925 some way off with the pair continuing to trade in a tight range. Ahead this morning we await euro area PPI data along with final Services and Composite PMI for February. Events later in the week including Powell’s testimony and the ECB policy meeting are likely to have a greater impact on EURUSD in the coming days, so the recent levels seen at the start of the week are likely to hold.
  • China’s parliament, the National People’s Congress (NPC) kicked off its annual session today, as it set its annual growth target at around 5%. The number appears ambitious and will likely put pressure on leaders to deliver further stimulus amidst an ongoing property slump and entrenched deflation.
  • This afternoon we look forward to the release of US ISM Services Index which will be closely watched especially following Friday’s downside miss in the Manufacturing reading. Factory Orders and Durable Goods are also on the docket, although events later in the week are expected to take centre stage.

Economic Calendar

NZD - ANZ Commodity Prices m/m
GBP - BRC Retail Sales Monitor y/y
AUD - Current Account
CNY - Caixin Services PMI
JPY - 10-y Bond Auction
JPY - BOJ Gov Ueda Speaks
EUR - French Industrial Production m/m
EUR - Spanish Services PMI
EUR - Italian Services PMI
EUR - French Final Services PMI
EUR - German Final Services PMI
EUR - Final Services PMI
GBP - Final Services PMI
EUR - PPI m/m
USD - Final Services PMI
NZD - GDT Price Index
USD - ISM Services PMI
USD - Factory Orders m/m
USD - RCM/TIPP Economic Optimism
USD - FOMC Member Barr Speaks

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85576 0.85492
gbp/usd 1.26945 1.26809
gbp/aud 1.95424 1.94929
gbp/nzd 2.08518 2.08169
usd/jpy 150.545 150.349
eur/usd 1.08551 1.08473
gbp/jpy 191.028 190.818
eur/cnh 7.82708 7.8163
usd/cnh 7.21248 7.20503
Equities and Commodities
Nasdaq 100 18160.8
DOW 38906.1
S&P 500 5121.31
WTI 78.4
GOLD 2117.03

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.