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Home > Market Watch > EU & UK News > Wed November 22, 2023

Daily Insights
November 22, 2023

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  • FOMC Minutes released last night showed that the Fed policymakers were united at their last meeting. The strategy of proceeding carefully on any further changes in monetary policy remains and any further tightening will be based on any changes in inflation’s path to the central bank’s 2% goal.
  • The US Dollar is muted this morning against all its peers and most currency pairs are trading in narrow ranges ahead of Japan’s Labour Thanksgiving Day and US’s Thanksgiving Day. The US Dollar Index currently is at 103.74 and USD/JPY trades higher, currently at 148.92.

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  • The UK’s Autumn statement will be released today and there are talks that Jeremy Hunt is set to cut national insurance contributions and make a business investment tax relief permanent. The Chancellor of the Exchequer is looking for a fine balance between cutting taxes and not trigger inflation to rise again.
  • Pound sterling is trading quietly ahead of today’s event, as one would expect, and it is unlikely that any decision coming out of today’s statement will move the currency. We are trading at 1.2525 after consolidating above the 100Day MA at 1.2504. Next resistance sits at 1.2550 and next support at 1.2450(200 Day MA).

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  • The Euro looks set to come under pressure as Germany’s budget crisis deepens with the finance minister imposing an emergency spending freeze following the country’s top court decision to strike down the €60 Billion Climate Funding.
  • Euro bears may just be invited to play, as the only catalyst for the euro will be German PMIs this week, which have come out softer in the past few months. There’s also a big option strike at 1.09 expiring on Friday, which can help the bears. We are trading at 1.0916, with next resistance siting at 1.0960 and the next support at 1.09.

Economic Calendar

22 Nov 2023
:
AUD - RBA Gov Bullock Speaks
:
EUR - ECB Financial Stability Review
:
EUR - Dutch Parliamentary Election
:
GBP - Monetary Policy Report Hearings
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GBP - CBI Industrial Order Expectations
:
GBP - Autumn Forecast Statement
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USD - Unemployment Claims
:
USD - Core Durable Goods Orders m/m
:
USD - Durable Goods Orders m/m
:
EUR - Consumer Confidence
:
USD - Revised UoM Consumer Sentiment
:
USD - Revised UoM Inflation Expectations
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USD - Crude Oil Inventories
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EUR - German Buba President Nagel Speaks
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CAD - BOC Gov Macklem Speaks
:
USD - Natural Gas Storage
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AUD - Flash Manufacturing PMI
:
AUD - Flash Services PMI

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.87091 0.87007
gbp/usd 1.25495 1.25124
gbp/aud 1.91712 1.91
gbp/nzd 2.07869 2.0692
usd/jpy 149.057 148.016
eur/usd 1.09227 1.08954
gbp/jpy 186.535 185.742
eur/cnh 7.80408 7.7829
usd/cnh 7.15462 7.12839
Equities and Commodities
Nasdaq 100 15907.4
DOW 35094.4
S&P 500 4536.56
BRENT CRUDE 82.23
WTI 77.63
GOLD 2002.32

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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