Marketwatch North America

Daily Insights
February 8, 2024

Dollar bulls are back in control today following the previous two days of dollar declines. U.S. Dollar Index support at 104.00 was lightly tested but ultimately seen as a favorable level to add to long dollar positions. A daily close above 104.50 will open the lane to a move higher to 105.00.

USD gains vs. the G10/majors: +0.77% vs. JPY, +0.52% vs. AUD, +0.43% vs. NZD, +0.30% vs. GBP, +0.21% vs. MXN and +0.17% vs. EUR. U.S. Treasury yields are higher on really no news aside from Fed officials repeating the ‘higher rates for longer’ script. The 10-year yield is 0.035% at 4.149% with the January 19th high at 4.196% on the horizon.

U.S. Weekly Jobless Claims were 218k for the week ending Feb 3rd, lower than the 220k estimate. Prior week claims were revised higher to 227k from the 224k initially reported.

Attention now turns to next week’s full U.S. economic calendar which includes CPI on Tuesday, Mortgage Applications on Wednesday, Retail Sales, Jobless Claims and Industrial Production on Thursday, and PPI on Friday.

Canada reports its Net Change in Employment and Unemployment Rate tomorrow.

U.S. equity indexes are off to a slow start today ranging between a 0.04% decline in the S&P500 and 0.08% Nasdaq gain.

Economic Calendar

USD - Final Wholesale Inventories m/m
GBP - RICS House Price Balance
USD - Mortgage Delinquencies
USD - Natural Gas Storage
CNY - CPI y/y
CNY - PPI y/y
USD - 30-y Bond Auction
JPY - Economy Watchers Sentiment
AUD - RBA Gov Bullock Speaks
EUR - ECB Economic Bulletin
USD - Unemployment Claims
USD - FOMC Member Barkin Speaks
GBP - MPC Member Mann Speaks
JPY - M2 Money Stock y/y

Market Indicators

Currency Pairs
Pair High Low
usd/jpy 149.463 147.927
eur/usd 1.07887 1.07415
gbp/usd 1.26385 1.25716
aud/usd 0.65319 0.64812
usd/cad 1.34928 1.34476
eur/gbp 0.85445 0.85301
usd/mxn 17.1035 17.036
Equities and Commodities
S&P 500 4995.03
NASDAQ 17749.1
DOW 38726.8
GOLD 2023.69

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.