Marketwatch EU & UK

Daily Insights
September 28, 2023

  • flag european union 1f1ea 1f1faThe euro trades in a narrow range this morning, hovering around 1.05 (key support) against the greenback as European investors wait for German data later this morning, which will set a tone to Friday’s Eurozone CPI. Germany’s CPI YoY in September is expected to drop to 4.5%, vs. prior 6.4%. Spain’s CPI YoY for September has just been released at 3.2%, vs. 3.3% estimate and above prior 2.6%. Spain’s core CPI coming in at 5.8%, vs 6.0% gives support for the view that the ECB is done hiking rates, which should be put some further pressure on the euro.
  • flag united kingdom 1f1ec 1f1e7GBP/USD is steady above 1.21 this morning but it can be drawn towards 1.22 as month-end kicks in and a lot of option strikes expire at that level today. Any move to this level will be short-lived, if you think about it, combining a dovish Bank of England with a hawkish Federal Reserve will keep the bears alive on the pair.
  • flag japan 1f1ef 1f1f5USD/JPY heads lower and trades mid 149-150 after Japan’s Finance minister stated that financial authorities will take appropriate measure in case there are abusive currency moves, suggesting a potential intervention in the Yen should the currency depreciate.
  • flag united states 1f1fa 1f1f8US GDP QoQ is due later today, with the survey suggesting a 2.2% increase, from the previous 2.1%. Personal Consumption is also due, estimated to remain at current levels of 1.7%.
  • oil drum 1f6e2 fe0fUS benchmark oil reached $95 per barrel, the most in a year, after US’s stockpiles in one of the major storage hubs register a drop, stressing the current global supply deficit. Inventories at Cushing, fell below 22 million barrels.


Economic Calendar

NZD - ANZ Business Confidence
AUD - Retail Sales m/m
GBP - Nationwide HPI m/m
EUR - German Prelim CPI m/m
EUR - Spanish Flash CPI y/y
EUR - ECB Economic Bulletin
EUR - Italian 10-y Bond Auction
USD - Final GDP q/q
USD - Unemployment Claims
USD - Final GDP Price Index q/q
USD - FOMC Member Goolsbee Speaks
USD - Pending Home Sales m/m
USD - Natural Gas Storage
USD - FOMC Member Cook Speaks
USD - Fed Chair Powell Speaks
JPY - Tokyo Core CPI y/y
JPY - Unemployment Rate
JPY - Prelim Industrial Production m/m
JPY - Retail Sales y/y

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.86602 0.8646
gbp/usd 1.21466 1.21301
gbp/aud 1.91187 1.90321
gbp/nzd 2.05172 2.04135
usd/jpy 149.56 149.257
eur/usd 1.05161 1.04959
gbp/jpy 181.571 181.229
eur/cnh 7.70385 7.6719
usd/cnh 7.3274 7.30563
Equities and Commodities
Nasdaq 100 14614.5
DOW 33581.7
S&P 500 4283.79
WTI 94.38
GOLD 1875.11

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.