Marketwatch EU & UK

Daily Insights
November 24, 2023

flag united states 1f1fa 1f1f8

  • The greenback is set to lose for the second week straight as currency pairs trade in narrow range amid thin liquidity after the US holiday. Investors will be looking out for US manufacturing PMI data later today for any further signs on how the country’s economy is developing. The Dollar Index trades at 103.76, 0.15% lower on the day and USD/JPY dropped 0.1% to 149.49.

flag united kingdom 1f1ec 1f1e7

  • The sterling advanced yesterday along with gilt yields after British corporates stated an unexpected increase in output in November. UK flash composite PMI ticked up to 50.1, from the previous 48.7, the services PMI rose to 50.5, from 49.5 in October, and the manufacturing PMI increased slightly more, to 46.7, from the previous 44.8 (but still well below the 50 benchmark).
  • The data released yesterday suggests to many that the UK may be past the “downturn”, which should allow sterling to gain more territory as traders will bet on earlier cuts by the BOE in 2024. The euro can lose against sterling in the near term as euro data lags again versus UK data. EUR/GBP currently trades above 0.87, after touching 0.8688 yesterday. GBP/USD trades in a narrow range at 1.2530.

flag european union 1f1ea 1f1fa

  • In the euro-area, ECB minutes released yesterday confirm no more rates in the pipeline as the central bank looks content with the inflation progress. There is German IFO expectations release later this morning and that should be the focus today along with US data this afternoon, after euro-area PMIs released yesterday showed that the economy is stabilizing but the momentum remains fragile. EUR/USD trades once again near 1.09 with next major resistance seen at 1.0960.

Economic Calendar

GBP - GfK Consumer Confidence
JPY - Flash Manufacturing PMI
EUR - German Final GDP q/q
EUR - German ifo Business Climate
EUR - German Buba President Nagel Speaks
EUR - ECB President Lagarde Speaks
CAD - Core Retail Sales m/m
CAD - Retail Sales m/m
EUR - Belgian NBB Business Climate
USD - Flash Manufacturing PMI
USD - Flash Services PMI

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.87013 0.86938
gbp/usd 0.79841 0.79705
gbp/aud 1.91213 1.90895
gbp/nzd 2.07212 2.06933
usd/jpy 149.71 149.199
eur/usd 0.91784 0.91638
gbp/jpy 187.644 187.099
eur/cnh 7.8068 7.788
usd/cnh 7.15892 7.13951
Equities and Commodities
Nasdaq 100 15989.6
DOW 35277.2
S&P 500 4556.83
WTI 76.54
GOLD 1992.55

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.