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Home > Market Watch > EU & UK News > Thu October 26, 2023

Daily Insights
October 26, 2023

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  • The greenback resumes yesterday’s gains ahead of today’s GDP print, where the US is set to post the strongest growth since 2021, which should put the Federal Reserve in a tough spot. US new home sales released on Wednesday jumped to the fastest pace since early 2022, adding that the Fed tightening cycle is taking its time to hit the real economy.

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  • The yen lost against the US Dollar, following a bullish impulse above the key level of 150, spiling across the rest of the G-10 peers. We are currently trading comfortably above 150.50. This move adds further pressure on the Bank of Japan to intervene in the currency market ahead of its policy meeting on the 31 Oct.

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  • It’s ECB Day, where we expect interest rates to be kept unchanged. ECB’s President, Christine Lagarde, stated in her speech that the battle against inflation is far from over, but that she remains confident that the 2% target is achievable. The euro trades at 1.0535, dropping 0.2% on the day following the USD/JPY aggressive move. EUR/USD is likely to struggle today, and it’s hard to see it above 1.05 much longer.

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  • Cable followed the crowd and it’s also lower, currently below 1.21 with some more downside in view.

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  • Oil jumped on Wednesday following news that Israel was going to initiate a ground invasion of Gaza, adding concerns that the conflict could accelerate and threaten global energy supply.

Economic Calendar

26 Oct 2023
:
AUD - Import Prices q/q
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EUR - Spanish Unemployment Rate
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GBP - CBI Realized Sales
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EUR - Main Refinancing Rate
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EUR - Monetary Policy Statement
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USD - Advance GDP q/q
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USD - Unemployment Claims
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USD - Advance GDP Price Index q/q
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USD - Core Durable Goods Orders m/m
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USD - Durable Goods Orders m/m
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USD - Goods Trade Balance
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USD - Prelim Wholesale Inventories m/m
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EUR - ECB Press Conference
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USD - FOMC Member Waller Speaks
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USD - Pending Home Sales m/m
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USD - Natural Gas Storage
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GBP - MPC Member Cunliffe Speaks
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JPY - Tokyo Core CPI y/y

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.87343 0.87251
gbp/usd 1.21047 1.20747
gbp/aud 1.92649 1.92043
gbp/nzd 2.09252 2.08515
usd/jpy 150.628 150.038
eur/usd 1.05692 1.05395
gbp/jpy 181.887 181.501
eur/cnh 7.74656 7.7214
usd/cnh 7.3336 7.32367
Equities and Commodities
Nasdaq 100 14238.5
DOW 32961.6
S&P 500 4163.23
BRENT CRUDE 89.51
WTI 84.58
GOLD 1985.73

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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