Marketwatch EU & UK

Daily Insights
January 24, 2024

  • flag european union 1f1ea 1f1faThe US dollar attempted to rally yesterday despite treasury yields falling a tad, the dollar index posted a modest gain helping to push the single currency lower. EURUSD has been content in its recent 1.0850 to 1.0930 range, and traders briefly tested the downside yesterday ahead of today’s PMI report and tomorrow’s ECB meeting. The pair broke through support to trade as low as 1.0820, triggering some buying interest to push the pair back within its recent range. Markets will be paying close attention to this morning’s composite PMI data, looking for clues on the outlook for the euro area economy. January’s preliminary reading is expected to tick higher to come in at 48.0 against the previous 47.6.
  • flag united kingdom 1f1ec 1f1e7The lack of UK data has kept the pound on the sidelines with GBPUSD continuing to consolidate, however the pair briefly followed EURUSD lower yesterday afternoon. Buying on dips remains a trade of choice, with cable finding support yesterday at 1.2660 pushing the pair back to the pivotal 1.27 area this morning. There appears to be some positive momentum building around the pound, with less bearishness and possibly even a small hint of optimism. UK PMIs are on the docket this morning, expected to remain in expansionary territory at 52.5 in January, a modest improvement on the previous reading of 52.1.

Economic Calendar

JPY - Flash Manufacturing PMI
NZD - Credit Card Spending y/y
EUR - French Flash Manufacturing PMI
EUR - French Flash Services PMI
EUR - German Flash Manufacturing PMI
EUR - German Flash Services PMI
EUR - Flash Manufacturing PMI
EUR - Flash Services PMI
GBP - Flash Manufacturing PMI
GBP - Flash Services PMI
GBP - CBI Industrial Order Expectations
EUR - German Buba Monthly Report
CAD - BOC Monetary Policy Report
CAD - BOC Rate Statement
CAD - Overnight Rate
USD - Flash Manufacturing PMI
USD - Flash Services PMI
CAD - BOC Press Conference
USD - Crude Oil Inventories

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.85566 0.85488
gbp/usd 0.78826 0.78658
gbp/aud 1.93365 1.92681
gbp/nzd 2.08416 2.07875
usd/jpy 148.26 147.707
eur/usd 0.92152 0.91996
gbp/jpy 188.156 187.627
eur/cnh 7.79814 7.7748
usd/cnh 7.17935 7.16124
Equities and Commodities
Nasdaq 100 17513.5
DOW 37963.5
S&P 500 4884.42
WTI 74.56
GOLD 2028.06

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 Simon Walker


Simon Walker is head of the GPS Capital Markets trade desk in our London office where he is responsible for covering market risk in European hours. He has over 25 years’ experience in foreign exchange, working in both sales and trading.