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Home > Market Watch > EU & UK News > Thu November 9, 2023

Daily Insights
November 9, 2023

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  • The US dollar is steady after posting a three-day gain ahead of today’s remarks from the Federal Reserve Chair Jerome Powell at a panel discussion. The focus will be on any comments that can contradict his less hawkish speech last week, which led the dollar to retrace against all its peers. The Dollar Index trades at 105.53 and any rally of the greenback should be short lived as the Fed is likely done with its tightening cycle.

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  • EUR/USD currently hovers the 1.07 level ahead of ECB’s Lagarde and ECB’s Nagel speech later today. EUR/GBP trades around 0.8715, continuing its three-day gain against the sterling.

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  • GBP/USD is muted at 1.2284, continuing to trade on yesterday’s range of 1.2250-1.2300.

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  • China’s October price data showed that the country has gone back into deflation and the PPI posting a significant drop, which adds further pressure on the PBOC to cut interest rates. The CPI declined 0.2% YoY vs. 0% in September. PPI dropped 2.6% YoY, vs. -2.5% in September, adding up to the 14th consecutive month of declines. USD/CNH advanced to trade at 7.2920 and EUR/CNH to trade at 7.8065.

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  • Brent Crude Oil corrected slightly its price-action this morning, after dipping as much as 7% over the last two trading sessions as the demand outlook worsens.

Economic Calendar

09 Nov 2023
:
GBP - RICS House Price Balance
:
CNY - CPI y/y
:
CNY - PPI y/y
:
JPY - 30-y Bond Auction
:
JPY - Economy Watchers Sentiment
:
GBP - MPC Member Pill Speaks
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EUR - ECB Economic Bulletin
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EUR - ECOFIN Meetings
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USD - Unemployment Claims
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USD - Mortgage Delinquencies
:
CAD - Gov Council Member Rogers Speaks
:
CHF - Gov Board Member Schlegel Speaks
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EUR - ECB President Lagarde Speaks
:
USD - 30-y Bond Auction
:
USD - Fed Chair Powell Speaks
:
NZD - BusinessNZ Manufacturing Index
:
JPY - M2 Money Stock y/y

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.87201 0.87128
gbp/usd 1.22937 1.22742
gbp/aud 1.91779 1.91327
gbp/nzd 2.07872 2.06946
usd/jpy 151.091 150.767
eur/usd 1.07157 1.07014
gbp/jpy 185.512 185.245
eur/cnh 7.80894 7.7932
usd/cnh 7.29266 7.27919
Equities and Commodities
Nasdaq 100 15312.9
DOW 34093.9
S&P 500 4382
BRENT CRUDE 80.13
WTI 75.75
GOLD 1949.28

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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