Marketwatch EU & UK

Daily Insights
September 14, 2023

The euro gains against the greenback as investors wait for the ECB rate decision later today to see if they will raise rates by 25 basis points, following a report saying that the central bank expects inflation in the euro-area to remain above 3% next year. It will be a knife-edge decision and having this report coming out a day before the central bank’s meeting can induce us to think they will hike. But the current dilemma of whether to hike for the 10th consecutive time today will be the main indicator on next year’s inflation projections.

EUR/USD gains 0.16% on the day and consolidates mid 1.07-1.08 and AUD/USD gains 0.3% to trade at 0.6440. USD/JPY falls towards 147 and GBP/USD makes his way to 1.25. WTI Crude is up 0.4% to $88.91/bbl, hitting a 10-month high after the international energy agency stressed a potential supply shortfall.

US CPI released yesterday showed that inflation in the US has accelerated in August by the most in over one year as gas prices increase. This hotter-than-expected print will keep the Fed on its toes and will surely leave the door open for discussion regarding any rates moves for the November or December meeting.

Economic Calendar

AUD - MI Inflation Expectations
AUD - Employment Change
AUD - Unemployment Rate
JPY - Revised Industrial Production m/m
CHF - PPI m/m
EUR - EU Economic Forecasts
EUR - Main Refinancing Rate
EUR - Monetary Policy Statement
CAD - Wholesale Sales m/m
USD - Core PPI m/m
USD - Core Retail Sales m/m
USD - PPI m/m
USD - Retail Sales m/m
USD - Unemployment Claims
EUR - ECB Press Conference
USD - Business Inventories m/m
USD - Natural Gas Storage
NZD - BusinessNZ Manufacturing Index

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.86032 0.85896
gbp/usd 1.25061 1.24844
gbp/aud 1.94525 1.93567
gbp/nzd 2.10998 2.10222
usd/jpy 147.388 147.02
eur/usd 1.07522 1.073
gbp/jpy 184.058 183.689
eur/cnh 7.8208 7.7952
usd/cnh 7.28642 7.25544
Equities and Commodities
Nasdaq 100 15417
DOW 34620.5
S&P 500 4479.44
WTI 89.01
GOLD 1907.43

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.