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Home > Market Watch > EU & UK News > Tue November 21, 2023

Daily Insights
November 21, 2023

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  • The US Dollar is lower this morning against all its peers, erasing half of the July-October rally and preparing for its longest losing streak since 11 October. Market sentiment on the US Dollar has drastically shifted as major index data suggests further deterioration of the US economy, unless we see a solid batch of data that can challenge the Fed dovishness. The US Dollar Index is lower by 0.18% this morning.
  • It is a quiet week, especially in the US, with Thanksgiving coming up this Thursday. The greenback’s path is more dependent on the Euro-area and UK PMIs than the FOMC minutes, which many investors consider no longer appropriate.

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  • The Bank of England governor Andrew Bailey advised last night that the BOE may have to lift interest rates again if inflation proves to be resilient. This remark comes in line with the BOE guidance for November and just shows that the central bank is still ready to act, if needed. Sterling advanced against the US Dollar overnight, crossing 1.25 and trading as high as 1.2540. Next Resistance is found at 1.2668 (May’s Pivot).

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  • Not much data until Thursday in the Euro-area but the Euro has been trading well, slowly advancing, and currently trading at 1.0953, with the next resistance at 1.10 (psychological level), although this level may only be tested near or on the PMI data release.

Economic Calendar

21 Nov 2023
:
AUD - Monetary Policy Meeting Minutes
:
NZD - Credit Card Spending y/y
:
CHF - Trade Balance
:
GBP - Public Sector Net Borrowing
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GBP - Monetary Policy Report Hearings
:
CAD - CPI m/m
:
CAD - Median CPI y/y
:
CAD - Trimmed CPI y/y
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CAD - Common CPI y/y
:
CAD - Core CPI m/m
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CAD - NHPI m/m
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USD - Existing Home Sales
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NZD - GDT Price Index
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EUR - ECB President Lagarde Speaks
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USD - FOMC Meeting Minutes
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USD - Treasury Sec Yellen Speaks
:
AUD - MI Leading Index m/m

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.87518 0.87396
gbp/usd 1.25398 1.25044
gbp/aud 1.90861 1.90329
gbp/nzd 2.07167 2.06368
usd/jpy 148.417 147.244
eur/usd 1.0965 1.0942
gbp/jpy 185.638 184.581
eur/cnh 7.84402 7.8132
usd/cnh 7.16772 7.12754
Equities and Commodities
Nasdaq 100 16045.8
DOW 35156.1
S&P 500 4550.71
BRENT CRUDE 81.81
WTI 77.19
GOLD 1991.58

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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