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Home > Market Watch > EU & UK News > Wed February 28, 2024

Daily Insights
February 28, 2024

flag united states 1f1fa 1f1f8

  • 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.

flag new zealand 1f1f3 1f1ffflag australia 1f1e6 1f1fa

  • 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.

flag united kingdom 1f1ec 1f1e7flag european union 1f1ea 1f1fa

  • 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

28 Feb 2024
:
AUD - CPI y/y
:
AUD - Construction Work Done q/q
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NZD - Official Cash Rate
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NZD - RBNZ Monetary Policy Statement
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NZD - RBNZ Rate Statement
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NZD - RBNZ Press Conference
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EUR - German Import Prices m/m
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CHF - Credit Suisse Economic Expectations
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EUR - Italian 10-y Bond Auction
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CAD - Current Account
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USD - Prelim GDP q/q
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USD - Prelim GDP Price Index q/q
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USD - Goods Trade Balance
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USD - Prelim Wholesale Inventories m/m
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USD - Crude Oil Inventories
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GBP - MPC Member Mann Speaks
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All - G20 Meetings
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USD - FOMC Member Bostic Speaks
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USD - FOMC Member Williams Speaks
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NZD - RBNZ Gov Orr Speaks
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JPY - Prelim Industrial Production m/m
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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
BRENT CRUDE 83.14
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

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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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