Marketwatch EU & UK

Daily Insights
September 6, 2023

The yen recovered from its fresh 10-month low against the US Dollar as Masato Kando, one of Japan’s most important currency officials, signalled a potential intervention to the currency if it continues to weaken. USD/JPY fell 0.2% to trade near 147 and AUD/USD starts to pare its fall, currently at 0.6395. EUR/USD recovers from yesterday’s low of 1.0710 and sits a pinch higher around 1.0740. GBP/USD also edged back up from yesterday’s 1.2528 low, and currently trades mid 1.25-1.26 at 1.2580.

Data and events to look out for today in the common region will be Eurozone retail sales, Germany factory orders. In the UK, the nation’s construction PMI is due today and BOE’s Governor Andrew Bailey is also due to speak later today at the UK parliament’s Treasury Select Committee.

ECB’s Joachim Nagel, Bundesbank President, stated that speculation that cuts will follow the central bank’s borrowing costs peak are misguided and not right.  Nagel spoke 2 days before the rest of the Governing council members go into the quiet period ahead of the 14th of September meeting, where he did not suggest whether he favours a 10th consecutive hike or a hold in rates. Note that the ECB has a very data-dependent approach and although there has been good progress, Nagel stated that “We are still a long way from reaching our inflation target”.

Economic Calendar

AUD - GDP q/q
EUR - German Factory Orders m/m
GBP - Construction PMI
EUR - Retail Sales m/m
EUR - German 10-y Bond Auction
CAD - Labor Productivity q/q
CAD - Trade Balance
USD - Trade Balance
GBP - Monetary Policy Report Hearings
USD - Final Services PMI
CAD - BOC Rate Statement
CAD - Overnight Rate
USD - ISM Services PMI
USD - IBD/TIPP Economic Optimism
USD - Beige Book
USD - FOMC Member Logan Speaks
NZD - Manufacturing Sales q/q

Market Indicators

Currency Pairs
Pair High Low
eur/gbp 0.8539 0.85279
gbp/usd 1.25877 1.25494
gbp/aud 1.97446 1.9647
gbp/nzd 2.14142 2.13123
usd/jpy 147.817 147.014
eur/usd 1.07386 1.0713
gbp/jpy 185.602 184.966
eur/cnh 7.8512 7.8252
usd/cnh 7.3277 7.29752
Equities and Commodities
Nasdaq 100 15484.1
DOW 34622.7
S&P 500 4493.4
WTI 86.53
GOLD 1926.64

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.