Marketwatch EU & UK

Daily Insights
February 28, 2024

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  • The US Dollar advances this morning as markets position from today’s GDP, Core PCE (Fed’s preferred gauge for inflation) and personal consumption gauges. The DXY is back again above 104, let’s see if any of the data today takes us lower, although the expectation is that all gauges come in line with previous prints apart from personal consumption that it is due to tick 0.11% lower.

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  • The New Zealand Dollar dropped after the nation’s central bank signalled lower price pressures and a decreased probability of rate cuts this year, leaving interest rates unchanged at 5.5%. NZD/USD fell 0.8% to 0.6122 and AUD/USD followed, declining towards 0.65.

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  • As risk-off positioning takes over ahead of today’s USD data, both GBP/USD and EUR/USD are trending lower. Cable currently trades at 1.2647 and the euro consolidates above 1.08 at 1.0818.
  • The Bank of England may sell all the UK Government bonds it bought through the quantitative easing period to better prepare for a future crisis. Currently, the UK treasury is paying billion to cover losses on QE but making the move of selling them, would put the BOE at odds with the Federal Reserve.

Economic Calendar

AUD - CPI y/y
AUD - Construction Work Done q/q
NZD - Official Cash Rate
NZD - RBNZ Monetary Policy Statement
NZD - RBNZ Rate Statement
NZD - RBNZ Press Conference
EUR - German Import Prices m/m
CHF - Credit Suisse Economic Expectations
EUR - Italian 10-y Bond Auction
CAD - Current Account
USD - Prelim GDP q/q
USD - Prelim GDP Price Index q/q
USD - Goods Trade Balance
USD - Prelim Wholesale Inventories m/m
USD - Crude Oil Inventories
GBP - MPC Member Mann Speaks
All - G20 Meetings
USD - FOMC Member Bostic Speaks
USD - FOMC Member Williams Speaks
NZD - RBNZ Gov Orr Speaks
JPY - Prelim Industrial Production m/m
JPY - Retail Sales y/y

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85547 0.85489
gbp/usd 1.26838 1.26507
gbp/aud 1.94467 1.93632
gbp/nzd 2.07544 2.05233
usd/jpy 150.69 150.371
eur/usd 1.08458 1.08212
gbp/jpy 190.872 190.558
eur/cnh 7.82312 7.8065
usd/cnh 7.21741 7.20965
Equities and Commodities
Nasdaq 100 17956.1
DOW 38919.2
S&P 500 5077.05
WTI 78.36
GOLD 2029.16

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.