Marketwatch EU & UK

Daily Insights
April 24, 2024

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  • The US Dollar dropped for the third consecutive day against major peers as regional stocks reduced the demand for haven assets. The US Dollar Index currently trades at 105.75 after trading as high as 106.24 on yesterday’s session.

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  • Euro-area composite PMI released suggested that the region’s economy recovery is gaining momentum even though price pressures persist in the region. Clearly, this is some good news for the ECB hawks and a base case for them to pause interest rates in July after the widely priced-in rate cut at the June meeting (85% chance as we write). The headline print advanced to 51.4 in April, from the previous 50.3 in March against many economists estimates and suggests that 2Q24 GDP could accelerate.
  • The euro immediately reacted on the news, specially after Germany’s PMI rise above the key 50 level that indicates growth for the first time since June. We have closed yesterday above 1.07 and today tried to reach higher touching 1.0715 but we’re now back hovering 1.07. It feels like we are stuck in this 1.06-1.07 range and there will be little data to support the euro until the end of the week and with a threat of US prices data coming in hot.

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  • In the UK, the bounce in the flash PMI composite indicates a solid recovery from last year’s recession, with private sector firms indicating the strongest growth in almost a year. Cable advanced to trade near 1.2460 and we continue to hover around these levels.

Economic Calendar

AUD - CPI q/q
AUD - CPI y/y
AUD - Trimmed Mean CPI q/q
EUR - German Buba President Nagel Speaks
CHF - Credit Suisse Economic Expectations
EUR - German ifo Business Climate
EUR - German 10-y Bond Auction
GBP - CBI Industrial Order Expectations
CAD - Core Retail Sales m/m
CAD - Retail Sales m/m
USD - Core Durable Goods Orders m/m
USD - Durable Goods Orders m/m
CNY - CB Leading Index m/m
EUR - Belgian NBB Business Climate
USD - Crude Oil Inventories
CAD - BOC Summary of Deliberations
NZD - Bank Holiday
AUD - Bank Holiday

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85976 0.85918
gbp/usd 1.24647 1.24489
gbp/aud 1.91967 1.90733
gbp/nzd 2.09828 2.09316
usd/jpy 154.885 154.739
eur/usd 1.07142 1.07
gbp/jpy 192.954 192.685
eur/cnh 7.77565 7.7641
usd/cnh 7.26134 7.25436
Equities and Commodities
Nasdaq 100 17618.1
DOW 38576.1
S&P 500 5094.06
WTI 83.49
GOLD 2328.43

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.