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Home > Market Watch > EU & UK News > Wed April 10, 2024

Daily Insights
April 10, 2024

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  • The US Dollar starts the day little changed as investors wait for key US Inflation data for any further clues on the Fed’s monetary policy pivot. The DXY is halted at 104.15 near where it closed last night.
  • It is CPI Day in the US and after two hot CPI prints at the start of the year, we should start to see some disinflation in March’s CPI report. Economists’ estimates are for core prices pressures slowed in March to 0.3% MoM and 3.7% YoY. High energy prices will likely keep the headline number at 0.4% even as slowing rent growth and lower used-car prices drove monthly core inflation lower.
  • Atlanta’s Fed President Raphael Bostic went back on his outlook for interest rate cuts, retiring it to one cut this year but stated that he is willing to change again his view should the economy show progress.

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  • The euro is muted, currently trading at 1.0850 prior to today’s US CPI Data. Parity- talk between the euro and the US Dollar has come back as ECB officials are determined to deliver more interest rate cuts this year than their colleagues across the pond. A few lenders have come out to warn of euro weakness ahead if a big difference in the pace of rate cuts plays out.

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  • Sterling currently trades at 1.2678 against the greenback with not much in the spectrum of data today. EUR/GBP trades at 0.8557 and the euro needs the ECB to support it by prioritizing growth to get out of the current range of 0.85-0.86.

Economic Calendar

10 Apr 2024
:
NZD - Official Cash Rate
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NZD - RBNZ Rate Statement
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EUR - Italian Retail Sales m/m
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CNY - New Loans
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CNY - M2 Money Supply y/y
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CAD - Building Permits m/m
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USD - Core CPI m/m
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USD - CPI m/m
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USD - CPI y/y
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USD - FOMC Member Bowman Speaks
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CAD - BOC Monetary Policy Report
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CAD - BOC Rate Statement
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CAD - Overnight Rate
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USD - Final Wholesale Inventories m/m
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CAD - BOC Press Conference
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USD - Crude Oil Inventories
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USD - FOMC Member Barkin Speaks
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USD - 10-y Bond Auction
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USD - FOMC Meeting Minutes
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USD - Federal Budget Balance
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GBP - RICS House Price Balance
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JPY - M2 Money Stock y/y

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85661 0.85592
gbp/usd 1.26799 1.26687
gbp/aud 1.91509 1.91161
gbp/nzd 2.094 2.08445
usd/jpy 151.82 151.68
eur/usd 1.08588 1.085
gbp/jpy 192.471 192.254
eur/cnh 7.86164 7.8511
usd/cnh 7.24355 7.23473
Equities and Commodities
Nasdaq 100 18206.7
DOW 38949.5
S&P 500 5221.34
BRENT CRUDE 89.5
WTI 85.31
GOLD 2358.73

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

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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.

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