Marketwatch EU & UK

Daily Insights
April 3, 2024

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  • The US Dollar is holding near its 7-week high amid bullish momentum. Investors are now waiting for comments from Federal Reserve Chair Jerome Powell on the US economy and the Fed’s current outlook for rate cuts in the face of recent data in US jobs and factory goods orders data.
  • Two Fed officials who vote in monetary policy decision this year stated that they still expect the central bank to cut rates three times this year even though they are not in a rush to cut borrowing costs.
  • The DXY (US Dollar Index) traded as high as 105.10 yesterday morning, but we are now lower at 104.75 ahead of Powell’s words today.

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  • The euro advances to trade near 1.08 against the greenback as markets wait for the Eurozone’s March Inflation print following yesterday’s Germany CPI released showed a brief slowdown to 2.3% vs. 2.4% estimate. The survey for the Euro-area Prelim. CPI Estimate YoY is 2.5%, with the mom gauge showing a 0.9% advance from the previous month. Core CPI YoY is expected to tick lower to 3.0%, vs. prior 3.1%. Unemployment data is also due.

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  • GBP/USD continues to hold below 1.26. Another quiet day for the sterling as we prepare for tomorrow’s PMI data.

Economic Calendar

CNY - Caixin Services PMI
EUR - French Gov Budget Balance
EUR - Italian Monthly Unemployment Rate
EUR - Core CPI Flash Estimate y/y
EUR - CPI Flash Estimate y/y
EUR - Unemployment Rate
All - OPEC-JMMC Meetings
EUR - German 10-y Bond Auction
USD - ADP Non-Farm Employment Change
USD - FOMC Member Bostic Speaks
USD - Final Services PMI
USD - FOMC Member Bowman Speaks
USD - ISM Services PMI
USD - Crude Oil Inventories
USD - Fed Chair Powell Speaks
USD - FOMC Member Barr Speaks
USD - FOMC Member Kugler Speaks
NZD - Building Consents m/m

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85699 0.8562
gbp/usd 1.25828 1.25669
gbp/aud 1.93238 1.928
gbp/nzd 2.11159 2.10451
usd/jpy 151.639 151.441
eur/usd 1.07794 1.07656
gbp/jpy 190.707 190.422
eur/cnh 7.82058 7.8079
usd/cnh 7.25982 7.2504
Equities and Commodities
Nasdaq 100 18101.7
DOW 39148.1
S&P 500 5205.39
WTI 85.2
GOLD 2282.34

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.